How To Find A Home In A Competitive Market
Inventory for home buyers is at a low point. All around the country, there's intese competition for home buying.
Even here in Dayton, the hot homes will sell quickly.
So, how do you find the best deal before the others snap it up?
Here are some tips....
Zillow and Trulia Data sucks, Don't Trust It
Zillow's sales data is notoriously inaccurate. Trulia is actually owned by Zillow, so its data is just as bad.
They are horrible about posting properties late to their system and continuously leaving properties up that are already sold.
This is because the nature of their agreement with the Multiple Listing Service. Unlike other real estate websites, they don't have direct access to the MLS. Instead they have to rely on data feeds, which are much slower to update.
Here are a few of the many articles on this topic:
Trulia and Zillow show out of date information
Accuracy of Zillow and Trulia data under fire again
Please stop searching on Zillow and Trulia
Zillow is in the Realtor lead generation business. Because of this, they found that they make more money if they leave sold properties on their website, even if it's not accurate.
In this type of market, every minute counts.
Instead, use Homesnap. They have up to the minute info directly from the Multiple Listing Service. They also have a way for you to see the latest listings right when they get posted.
Another great way to find the hot homes is by joining Facebook real estate groups. Many Realtors will post listings on Facebook before they are on the public MLS.
Use A Buyer's Agent....Get One Sooner Rather Than Later
Did you know that the listing agent, the one on the listing represents the seller, not you in the transaction? They have the seller's best interests in mind!
Because of the way real estate commissions are done, it costs you zero extra dollars to have a buyer's agent and there are many benefits during the search and the negotiation process.
I'm well connected to real estate agents in the Dayton and Cincinnati markets. Let me know at 937-572-3713 or firstname.lastname@example.org if you need a referral.
Get Preapproved For Your Mortgage ASAP
Any good real estate agent will ask for an approval letter before they show you houses. You can't make an offer without the approval letter.
How do you even know your budget if you aren't approved? You can't!
Get a FULL preapproval before you start looking. This will include the credit check and will require you to submit your income documentation. This is the only way to truly know if you are approved for the mortgage loan.
Any lender that issues a preapproval letter without asking for this info isn't doing their job. Don't trust them.
In a hot market, you can still find a home, but it takes a lot more preparation. Follow these tips and you will be able to get the home you want.