Three Tips For Navigating Hot Real Estate Markets
When you look at real estate trends around the country, and in some San Antonio neighborhoods, what you’re seeing is a high-demand market, where property doesn’t stay on the market very long.
This can cause problems for our buyers. Whether you are a first-time homebuyer or someone looking at an investment property, if you don’t have your finger on the button all the time, you tend to miss out in high-pressure markets. It’s disappointing to people when they’ve put time into property showings or open houses, and want to make a move a little more slowly. But that’s some of the reality of a high-demand market. We want to help support our buyers, with practical tips on how to position themselves for success at settlement.
Figure Out Funding
In calmer times, people often look at houses, and then go to lenders to qualify.
These days, that seems a little bit quaint. Investors and others are making all-cash deals and doing business at light speed, so lending issues and qualification usually need to be figured out beforehand if you’re going to participate in these markets. That can be accomplished by talking to banks or credit unions at the very beginning of the process, and figuring out the ‘power of your purse’ before starting to view properties.
Get Good at Spotting Property Issues
Another interesting side effect of high-demand markets is that buyers are suddenly willing to waive aspects of the inspection process. You might not see them waiving the entire professional home inspection, but you may see buyers overlooking small items on seller disclosure sheets, or waiving environmental hazard tests for radon or lead or asbestos.
With that in mind, if you know how to analyze a property at walk-through, and you can match these high-speed buyers, you’re less likely to have significant problems getting your hands on your dream property. However, it’s not good to pursue a strategy that you are uncomfortable with in any way, because this is a major investment!
Targeting Neighborhoods and Property Results
Another way to go is to get detailed neighborhood data, to be able to navigate the market and go where you can move at your own pace. If there is a tremendously hot market that’s pricing you out, or you can’t move fast enough, consider looking at adjacent territories, or finding specific market niches where property stay on the market longer. Just one example is settling for a property value a bit higher or lower than what you were looking at – you may have to change your financial strategy a bit, but your real estate time frame will slow down so that you can do the necessary work and evaluate your investment the way you want to.
That’s just a bit about how we support our clients! Get excellent help from qualified people with real estate acumen and knowledge of local markets.