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Proactive Tips For Buying Your First Home In An Inventory-Tight Seller's Market

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Reality shows often make the process of buying a home seem fun and easy, but in real life that is seldom the case. This is especially true in the current real estate market where the inventory of available homes is often far below the number of eager buyers waiting to purchase them. For first-time buyers, the situation can be even more difficult. Fortunately, there are some common sense tips that first-time buyers can use to help them level the playing field and increase their chances of ending up with a home they genuinely love. 

Be financially ready to buy before you begin

One of the most important things that any buyer can do to compete successfully when buying houses for sale is to make sure that all financial details are in order before beginning to search for a home. When the inventory of available homes hands the advantage to sellers, buyers who have savings set aside for their down payment and closing costs, as well as a full approval for a home mortgage with good terms, will find it easier to make confident offers that can help them win in a multiple-offer scenario. 

Be ready to view new listings immediately 

In a seller's real estate market, being first to view a new listing when it comes onto the market can make the difference between a successful purchase or a missed opportunity. First-time buyers can do a number of things to make sure they stay informed about new listings, including: 

  • signing up for real estate apps that send out instant notifications of new listings and price reductions
  • frequently driving through the areas in which you plan to buy a home to watch for new listing signs 
  • staying in touch with your real estate agent for updates on the local market 
  • making arrangements with your employer or babysitter that will allow you to view new listings as quickly as possible 

If possible, it can also be helpful to view the seller's disclosure, real estate tax information, and any other pertinent details before viewing the home. 

Be in partnership with the right real estate agent

First-time home buyers are sure to have questions throughout the purchase process, so it is vitally important that they have a real estate agent that will work closely with them. First-time buyers should always interview more than one agent before selecting the agent they want to work with. Remember to look for one who has a good reputation in the local real estate marketplace and a proven policy for maintaining contact with their buyer clients.