How To Buy a Property In a Hot Market

(July 05, 2015 )

  • Be educated: Talk to a realtor for any questions you may have about buying a home, and if you are looking to invest understand what the current market demand is, current inventory, how fast homes are selling, list versus sell price, frequency of multiple offers, and rental-related information.
  • Be sure your finances are in order: In a potential multiple offer situation there may be times when you have to exclude certain conditions such as mortgage financing, so make sure ahead of time that you are approved for a mortgage for the home you are about to purchase.
  • Be aware of home defects: Again with the multiple offers situation be sure to do your research on potential defects in a home such as water issues, foundation issues, or proper construction.
  • Be detached emotionally: When buying in a hot market, some people have to put in a few different offers on different homes before one being accepted, the less attached you are to the home before an accepted offer the less disappointed or frustrated you're going to be in the case you don't get it.