In a competitive housing market, homebuyers need to have every advantage to beat out others who may be competing for the same home. Consistently bidding too low for homes they’re interested in or relying on methods that don’t offer real-time data will get buyers nowhere in a fast-paced seller’s market and leave them stressed from continually missing out on properties they love.
“If you know what to expect going into it and you utilize tools and tricks to navigate your market, you can bypass much unnecessary stress,” Andrew Fortune, owner and employing broker at Great Colorado Homes, wrote in the U.S. News & World Report article “5 tips for homebuyers in a fast-paced real estate market.”
Fortune offered these three tips real estate agents can pass along to buyers to help them break through the competition.
Set up instant property alerts. Sign up for a real estate website that lets you save search criteria and then sends an immediate alert when a home matching that criteria is listed. Fortune suggested signing up for local Realtor websites. This is the best way to stay ahead of competing buyers, according to Fortune.
“When homes are selling within hours, every minute counts,” he wrote. “It’s nearly impossible to find the best house in a hot market without having instant notifications.”
Not all websites have a direct feed to their local multiple listing service, so Fortune’s tip is to choose a website that’s connected to the MLS to get the best results.
Hire an agent who moves fast. Choosing an agent who moves fast and simplifies the process allows you to beat other buyers to the punch and get the home you’re interested in under contract, according to Fortune. Make sure the agent you hire is tech-savvy. If the agent doesn’t know how to use social media and real estate apps to their advantage, you may want to move on.
“The internet and technology have changed the real estate industry dramatically over the past few years,” he wrote. “While some professionals have adapted well, others are still trying to catch up…”
Be prepared to make an aggressive offer. Listing agents are masters at negotiating. In a hot market, they have to sort through multiple offers to choose the best one for the seller. You’ll want them to take yours seriously, so make sure your offer is reasonable and worthy of the seller’s time.
“Some buyers are willing to offer tens of thousands of dollars above the listing price of the home,” Fortune wrote. “If you want to compete, you have to keep up or give up on buying a home this year.”