Did you know that although the nation is trying to survive the pandemic, 92% of real estate agents that took part in HomeLight's 2020 Q3 survey are experiencing a strong seller's market? On top of that, 32% of agents report they have clients who are interested in finding luxury homes in suburban areas. Unfortunately, there aren't enough houses to meet the demand and finding one could be like finding a needle in a haystack!
If you're determined to find the right house for your family in the 'burbs, you may feel a little anxious about making the leap from city life and settling down in the suburbs. It's going to be a big change!
Here are a few tips that'll (hopefully) reduce your anxiety and make your experience a little easier.
1. Find a reputable real estate agent
It's not common for people to buy a house without the help of a real estate agent, but in doing so, there's no guarantee it'll work out in your favor. When you take the time to find a real estate agent that knows the area and who has a proven history of having satisfied clients, you can rest assured that you're going to find a house with the amenities you want at a reasonable price.
2. When choosing a neighborhood, do your research!
We mentioned that you'll want to find a reputable agent because they'll know a ton of stuff about your desired neighborhood. They'll be able to tell you where the closest shops are, what kind of amenities are nearby, and of course, what the going price of houses in your area.
With that said, you should also do your due diligence and research the area yourself. You can do this by hanging out at the public parks, libraries and other places where you can chat with locals. You'll also want to do a little shopping at stores you're likely to frequent because while you may love a particular store, that particular branch may not live up to expectations. And, we can't forget, do a trial run from your job to your house. Take note of traffic patterns, shortcuts, and things of that nature.
3. Work with a lender to get that pre-approval letter
When you're buying a house in a seller's market, you need to be prepared. One of the best ways to make yourself stand out to sellers is to have your mortgage pre-approval letter. This will let your agent know how much house you can actually afford and it'll show the seller that you have the funds to follow through with the transaction.
4. Submit an offer the seller can't refuse
Another way you'll want to stand out to a seller is to make them an offer they can't refuse. This means submitting your best offer right from the start. Do keep in mind that even if you offer to pay the asking price, 87% of agents say they are seeing buyers go into bidding wars over houses! If you want to sweeten the offer, submit a clean offer - that's an offer without any addendums, contingencies, or repair requests. Clean offers are likely to win over sellers because that means the transaction is pretty much a done deal.
5. Be prepared to negotiate
You may have submitted your best offer that doesn't have any strings attached, but you may still have to negotiate - usually a higher price. Your real estate agent will be the one to do the negotiating and they'll be able to walk you through the negotiation process and will recommend what they think will get your offer accepted.
Moving to the suburbs may be intimidating, especially if you're used to the hustle and bustle of the city. However, once you settle in to your new home in a quiet neighborhood, you'll be happy you made the move!
