Buying in a Low Inventory Market

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Pre Approved Loan Vancouver WA

There’s no doubt about it: the housing market in Clark County is definitely leaning toward the homesellers right now. Which means the competition for buy a home is getting more intense. However, there are some things that can give a homebuyer an edge when looking for a home in such a tight housing market.

Get pre-approved

Unless you have duffel bags full of money at your disposal, you will be getting a home loan. Start the process right away by getting pre-approved, even if you haven’t started looking for a home. It takes time to get all of the necessary documents together for pre-approval, and it also gives you a great idea what you can afford. Once that step is taken care of, you can begin your search.

Ready… set…

Another advantage of getting pre-approved is to be able to act on a moments notice. If you can show the homeseller your are ready to buy, you will go to the head of the line if nobody else has their ducks in a row. Additionally, if you find a home you like, why wait? Make an offer as soon as possible to beat anyone else to the punch. If the seller is motivated, it could make for a quick deal. Well, as quick as buying a home can be anyway.

Closing on a House Vancouver WA

Be Flexible

Closing on a home can make for a logistical nightmare. The paperwork alone is a marathon of initialling here and signing there. So be prepared to work at the sellers pace. If they need you to close in a week – or wait three months – don’t balk. You may have to carry two mortgages for a month or two, but that’s better than losing out on the home completely. In some cases, homebuyers will rent the home out to the sellers for a few months to ease their transition. It’s not ideal, but be willing to work with the sellers will give you another edge.

The Unwilling Landlord

Is your dream home a rental? Why not contact the owner to see if they are interested in selling. There are any number of reasons an owner may be looking to get out of being landlord – hard to find good tenants, an empty home means lost income, or management companies are getting too expensive. The owner may be willing to buy, they just might not know it yet. A call from you might nudge them in the right direction.

A personal touch

A well-written cover letter can help get you hired or accepted to your college of choice. Why not give it a try when buying a home? It wouldn’t hurt anything, and you might just find the right heartstring to tug.

Need help finding a home? With 30 years of sales, marketing and negotiating experience, Rowena is the one to call for any of your real estate needs or questions. Contact Rowena today!