How To Afford To Buy A Home In A Sellers Market
The market is booming for sellers right now especially in the Tulsa area, but what about buyers? Buyers are facing some tough challenges, with home prices going up how can buyers get a home while also not breaking the bank? Well, with a little financial creativity and the right agent you can find a great deal in any market
- Learn Your Options
Before you go straight to looking at homes it is important to understand your financial options, some important factors to keep is mind are what home loans you are eligible for and how much you can afford to put down. Most homeowners don’t know that you do not always have to put 20% down, We recommend talking to a realtor and lender about your financing before looking for homes.
2. Be Flexible
There are going to be some deal breakers that you will have when looking for homes but remember to not get tied down to one neighborhood or home type if you are wanting to get the best deal possible. Looking at neighborhoods surrounding your favorites could save you some money, highly favorable neighborhoods are going to be more expensive but do not get discouraged, your home search will just require some more flexibility!
3. Be Ready To Make An Offer
You have sat down with a realtor and talked to a lender, so now what? In a sellers market there may be 5-10 offers on one home, time is of the essence in a sellers market when you come across a home you love. Be ready to make an offer rather quickly and be prepared to not make counter offers. The seller will have plenty of offers on there home so they will most likely not have to counter with any buyers. This does not mean you have to make the highest offer either, sellers also need to pick offers that will pass the appraisal process.
Want to learn more? Start your home buying process by working with the top buyers agents in Oklahoma