It’s Buyer’s season. And it can be very competitive. Paired with the inherent difficulties of buying property, right now especially, this can make the buying process long and difficult. But don’t be discouraged.
I wanted to throw out a couple suggestions I tell my clients when we’re looking at houses this time of year in particular, but it’s good advice for any time of year and most markets I’m sure. And this information is important now more so than ever since we have record low interest rates for buyers.
Firstly, when I start looking with a new client, we tend to want to baby step our way into it. We might go look at a lot of properties but they’ve been on the market for a week or so, or maybe they’ve sent me a list of properties that they saw on Zillow or Trulia, but they’re already under contract. Some markets can allow for time to lapse, upwards of a week, two weeks or more, but here in Nashville and much of our surrounding area, houses don’t tend to do that. And we’re smack in the middle of a listing shortage right now.
You want to get immediate alerts set up that happen as soon as the agent puts in the information. That means you need the info from the MLS, not from a second resource like – again, Zillow or Trulia. The MLS (or multiple listing service) is where agents list and market homes. It’s where those other sites get the info. But it can take days or weeks even to update, where the MLS will update every 15 minutes or so.
The next thing I’m gonna say may be difficult for some, but it’s true. As soon as you see a property you like hit the market, you need to go look at it. Maybe not that minute, but that day or within the next 2-3 days at most.
Again, sometimes a property will sit on the market for extended periods of time, but listings can receive offers all day everyday from the moment that they hit the market. You want to be the first at the table if you want to be a) taken seriously, and b) win the bid.
Lastly, the most common discouragement I see is a fear that a buyer may not have the same competitive edge others might have.
In some instances that might be true. But remember that there is a right buyer for every property. And if you stay on the ball and go see properties as quickly as possible when they hit the market or become available, you are setting yourself up for success. All it takes is a good agent that is right there with you 110% of the way.
Buying property is all about timing and availability. When the property hits the market, when you’re available to see it, availability of funds, timing of funds. There’s a lot to consider, and that why it’s important to get some experinece behind you to help along the way.
Best of luck on your hunt. I know you will find the right house for you.