If you’re in Florida, Metro Denver CO, North Carolina or Texas, you have certainly discovered that, particularly if you’re a buyer, that as fast as homes are coming on the market, they are under contract. SO, if you’re a buyer what does this mean for your strategy? What if you’re a seller?
If you’re a buyer in a hot market like those mentioned above, one of the smartest moves you can make right now is to get pre-approved (not pre-qualified which is a lesser guarantee that you’ll get the mortgage you need) so when you present an offer to a seller, you can also offer them a copy of your pre-approval letter from your lender giving them confidence that your offer is legitimate and solid.
If you’re a seller, one of the smartest moves you can make is to price your home a bit below the market value to incite multiple offers which will typically bring your final price well above what you’re asking. This is a typical strategy of home flippers as it encourages more activity immediately which in turn brings about multiple offers generating a best end price.
Whether you’re a buyer or a seller, being smart and strategic will give you your best opportunity to achieve your marketing goals!