If you need assistance, please call 616-920-0290

Buying in a Hot Market

Wednesday, May 6, 2020   /   by Nicole Villegas

Buying in a Hot Market

Another prediction for the (immediate) future by Nicole Villegas…

Nobody know what the long-term impact of shutting down the American economy for the last 60 days is going to be, yet there are some things we can safely predict. Pent up demand for real estate from people who put a buying decision on hold for March and April is likely going to surge starting tomorrow when agents are allowed to show homes. It’s too early to say what will happen after that but this article is strictly focused on helping those who need or intend to buy during the next month or so.

So, if you need or intend to buy in the immediate future, I have listed a few things that you can do to make sure you will be successful. Read about the following four areas to focus on and if you need to discuss any particular aspect further, make sure you call (616) 920-0290 to connect with one of our qualified Home Hunters.

Buying in a hot market.jpg


Understand Your Budget


Buyers should consult with a qualified financial specialist to determine what type of financing and how much they are qualified for.


You should know what you are prepared to spend for a down payment, how you are going to cover their closing costs, and how a home fits into you monthly budget including PITI, utilities and expected maintenance.


Make sure you connect with one of our financial specialists to reevaluate how the changes in interest rates will affect you. Make sure that any lapses in employment or delayed payment will not prevent you from getting a mortgage. Remember that forbearance on payments may become due soon and how will you pay those bills so you don’t have any 30/60/90 day late payments recorded on your credit report.


Be Ready to Make a Quick Decision


During the surge, you must be ready to make a quick decision. The way to do this is to understand your budget (see above) and to understand exactly what you want. Your Home Hunter will lead you and any other decision maker through a vision process so everyone can have a clear picture about what the perfect house for you looks like. Once you have this clarity, when that house comes along, deciding to make an offer will feel comfortable and natural.


Block Out Time in Your Schedule to View Homes


The only way to find your dream home is to make yourself available to see properties. Right now, the Governor is not allowing open houses, yet there are many things we can do to assist you in your search including previewing homes for you and sending you videos, setting up video conferences with builders and sellers, conducting private showings while following proper guidelines including limiting the number of people and wearing masks. Tell your Home Hunter what your needs are and we will create a comprehensive game that fits into your schedule while addressing your safety concerns.


Write Your Best Offer so You Don’t Lose Out


During the surge, you must play to win. Yes you should feel comfortable with the actions that you’re taking which is why we will spend so much prep time understanding your budget and your desired home and when those two things align, you will be ready to write the best offer you can so that you win the deal.


It’s extremely likely that there will be surge in demand over the next couple weeks from people who put a buying decision on hold for March and April. If you need or intend to buy in the immediate future, please consider these four points and make sure you will be successful in your home search. If you need to discuss any particular area further, make sure you call (616) 920-0290 to connect with one of our qualified Home Hunters.