In a competitive housing market, hopeful buyers have been writing personal letters to sellers to help them stand out from other purchasers and secure a property. The property market has become very competitive over the last few months, and the latest figures show that around two thirds of sellers receive multiple offers for their home, very often over the initial asking price. While the practice of letter writing is now being discouraged as it can lead to unfair discrimination, there are other ways to help you overcome price hikes and property shortages, and beat the competition to your next home.
Prepare Your Finances
As well as giving you a clear and realistic idea of your budget, with pre-approval for a mortgage, your offer is more likely to be accepted. Proof that you can afford the asking price shows that you are well-prepared to purchase and ready to proceed without further delay. A direct mortgage lender can provide a home loan without the need for intermediaries such as mortgage brokers, and can therefore be offered much quicker and without extra hidden fees. As a direct lender, The Home Loan Expert assesses applications, underwrites their own loan files and oversees the final closing. With a comprehensive mortgage service like this, a lender can provide guidance at each step of the transaction, offer competitive interest rates and process your loan more efficiently. The lowest quote first call VA should be your first port of call when looking to secure a mortgage loan. They consider the details of each applicant and offer different rates depending on their credit score, income, employment history, assets and the length of time they have been living at their current residence.
Widen Your Search
Although properties may be in short supply in your area, by widening your search to include different areas of the country, you could still find your ideal home within your budget. According to the Bureau of Labor, over a third of jobs can now be undertaken completely from home and, even before the pandemic, the popularity of teleworking was growing. If you can work more flexibly, moving to a new city or state becomes a possibility, and gives you more options for finding a suitable property. While some major cities will always be popular, other towns are up and coming. As long as the infrastructure exists to enable you to work remotely, you could find an area where housing stock is plentiful and that offers all the facilities you require to enjoy a better work-life balance.
Be More Proactive
When housing stock is in short supply, many more homes are sold even before they are marketed. Known as pocket properties, it’s been estimated that over the last two years, the number of properties sold in this way has gone up by 67 percent. Being more proactive in your property search means establishing a good relationship with estate agents and regularly asking them about properties. This way, you are more likely to be the first to know about any new properties and exclusive listings, whether they come on the market or not.
While some enthusiastic buyers write letters to express their interest in a property, there are other more conventional ways to stay ahead of the game in a competitive housing market. If you are financially prepared, proactive with agents and flexible in your search, you have a better chance of securing a purchase.