We’ve all heard the hot dog vendors at the baseball game try and entice us with this phrase, but it’s not a common thing to say in the housing market. At least until now. With the supply of homes for sale at record lows and interest rates at historic low levels as well, it makes more sense that when new listings hit the market, you need to “get’em while they’re hot.”
Here are a couple of tips for buyers who are struggling to get “the house” before someone else does.
1. Get Ready.
Have your pre-approval from a reputable local lender in hand before you take a run at a house. Think through what you really want, and the problems you are really trying to solve. Have a house to sell? You might consider getting that done first to help your negotiating position (the subject of another article).
2. Get Set.
Pick a reputable Realtor (can I be so bold to recommend myself???) to set up a profile for you directly from the MLS (not just on a public site like Realtor.com) so that you are notified as soon as new listings appear that meet your criteria. Talk about your hopes and dreams with your agent. See the listings that are available all at once if possible, so you have a good idea of the pros and cons of the homes on the market.
If you see one already on the market that works well for you, don’t wait for the house that is 20% less expensive and twice as big to appear. It won’t. Take a swing at the house now. Nothing out there that works yet? When a new one comes, don’t wait until next week when you have more time, ask your agent to see it today, because it may not be there next week.
This is a market that can be very frustrating for buyers right now because good deals sometimes go in a few hours or days as opposed to a month. Don’t let your house get away from you!