If you’re buying a home in today’s real estate market, especially in hotter markets like the northeast, you may find it’s hard to stand out with so much competition around you. The problem is, very low inventory with very high demand. This means open houses with lines down the street, bidding wars, and hurt egos. Here are some things I’ve learned about navigating this type of market over the years. 

1. Network. You may be working with one agent, but it nevers hurts to build relationships with a handful of people with access to homebuyers. Sometimes, working this way can cause people to give you a call about an incoming listing before it hits the market, widening your options with access to off-market deals. Going to open houses and even putting out on social media that you’re looking to buy is a good way to network. 

2. Write competitive offers. This is a risky one but I’ve been seeing many people navigate this market by waiving contingencies. There is no doubt working this way will make you stand out, but tread lightly, as waiving some contingencies can hurt you if you find issues with the deal. This is a good point in the home buying process to consult with a seasoned agent or investor about how to structure your offer. 

3. Write a compelling offer letter. Honestly, hit or miss with these, but there’s nothing to lose when it comes to writing a compelling letter telling the seller why you want to buy there home, it may make a difference it may not, but either way it costs you nothing but the time to write it. If you do choose to write one, keep it short, sweet, and simple. If you have ties to the community that you think make you stand out from the rest, feel free to tell the seller. 

4. Get creative with money. A lot of times, those who make large cash offers end up taking the prize. This may or may not be an option for you, for many people it’s not. If you’re looking to buy an investment property, you could always partner with a cash investor who can cover the costs and structure your deal that way. The other option is seller financing, where essentially the seller becomes the bank and you make payments to them every month. This is desirable for some people who own a home free/clear who don’t need a large check right away, or for those looking to get out of a home but have little equity in it. Either way, worth learning about. 

5. Adjust your mindset. If you’re like and being a homeowner was a long-time dream, getting rejected offers all the time feels like someone stepping all over your dreams. Don’t be like me. Honestly, it’s not that serious. I’ve learned over the years it’s much better to take a lighthearted approach when it comes to home buying and not take it too seriously. Try to look at each home from a logical perspective rather than from an emotional one. I know, easier said than done. And so what if you get rejected? Keep trying, it’s only a numbers game baby. Eventually you’ll strike gold. So keep trying. 

Thanks for reading!