Keys for Manteca Home Buyers to Succeed in a Competitive Market
All indications are pointing to the 2018 housing market as being challenging for Manteca home buyers. In most areas, it’s a sellers market. This means that houses are moving fast, with most lasting only 3 weeks on the market on average. Manteca home buyers have to move fast because they have little time to find and make a bid on a house before it is snatched up off the market.
The other factors contributing to a competitive market are the high rents and rising mortgage rates. These have people taking the homeownership leap now, which in turn, is driving up prices.
But despite all of these things, Manteca home buyers can still win in this competitive market. Below are 5 things home buyers can do to get your dream home.
Pre-Approval Rules
This should be a no brainer, but Manteca home buyers need to be pre-approved when seriously looking for a home in today’s market. First, be aware that there is a difference between being pre-qualified and pre-approved. Pre-approval holds more weight because it means a lender has looked over your credit and has decided they will fund your home purchase given their guidelines.
Only being pre-qualified can make you lose out on your dream house. When you are up against home buyers who are pre-approved you will lose out every time. Take the time now to get your pre-approval letter so your offers will be strong.
Skip the Contingency
Every real estate professional will say that an offer with contingencies will go to the bottom of the pile. Contingencies can be anything from having to see your house before you close or contingent on an appraisal. No matter what is involved, they can turn sellers off.
Given the competitive Manteca market condition, sellers are in the driver’s seat right now. This means that Manteca home buyers want to do everything you can to make your offer as appealing as possible. Submitting a clean offer tells the seller you are serious and will have a better chance of being accepted.
Start With Your Strongest Offer
If you aren’t in a super hot market, you can submit an offer below asking price. Typically, there is a little room in an asking price. Offers more ten percent below the asking price seems to be the magic number where you can offend a seller and and get a quick “no” response.
Manteca home buyers will also want to take the net price into consideration. This includes the closing costs and all of the monetary details.
Put Down Big
Sellers are more likely to accept an offer with a large down payment. And in the past year, down payments were on the rise. Sellers believe that an offer is more likely to go smoothly if the downpayment is larger. So it is important that home buyers present an offer with the highest down payment that you could reasonably manage.
Take a Look at Fixer Uppers
Maybe you can’t make the brand new house work but if you keep your eyes open for Manteca houses that might need a little bit of work, you could end up below budget and have the house of your dreams with a few simple repairs. High demand communities usually have these diamond in the rough houses. Dig a little deeper and consider a house that might need a little TLC.
With this in mind, if you are considering the purchase of a Manteca home that will need more than a new coat of paint and carpet to make it your dream home, home buyers will want to do your homework when it comes to contractors and financing.