Buying in
a Strong Market
Finding the right home at
the right price is never easy, but in a superheated market it can be a
hair-pulling experience. While there's no magic bullet, consider these
suggestions.
- Don't believe
everything you hear. All homes are not selling in one day for more than the
asking price - in any market.
- Don't get discouraged
and settle for a home that does not meet your needs.
- Tell your agent to call
you immediately if a promising listing becomes available.
- Get a mortgage
pre-approval so your offer is more attractive to the seller.
- Be realistic about what
you can reasonably hope to find in your price range.
- Be very careful about
paying wildly inflated prices - booms are inevitably followed by market
contractions. Many buyers end up with substantial losses and must wait years
for appreciation to make them whole.
A combination of
determination, patience, and perseverance is required to successfully navigate a
booming market. It is possible, however, so don't lose heart.