In a normal market, buyers have their pick of the litter. Less than a decade ago, buyers could get in their car, go to three open houses in one neighborhood, and write an offer on one of these homes on their terms. However, shrinking inventory and continued low rates have caused both prices and competition to drastically inflate. Multiple offer situations for desirable properties are now an expectation for desirable properties. A buyer must be savvy and nearly ruthless in their approach to get the house they want.
Other than a higher price, here are a few methods that buyers can use to strengthen their offer and stand out amongst the competition:
Work with a reputable local lender. Working with the right lender can mean the difference in
When you buy a house, that means you “hold title” on the property.
Now, what does that mean? Well, it varies depending on your family situation, demographic, and whether or not you are purchasing the property with others. Thanks to Fidelity National Title, we have this nifty graph to help us out:
For a married couple, the most common form of holding title is "community property, right of survivorship," but it can vary greatly on your personal situation. A strong qualified agent can help with questions like this.