I've been enjoying a few days of spring-like weather over the last couple of weeks, soaking up all the rays and gathering strength for the next round of waiting in line to see a property with my buyers and elbowing our way through it.
Alright, the latter is a bit exaggerated but not by much! There are no physical altercations, but there are lines at public open houses. Lines to score a parking spot, lines to get up the stairs or waiting to come back down, lines to peek in a bathroom.
What else can you expect while house-hunting in times of listing scarcity?
Short time slots for home-tours: 30 - 45 minutes are normal, 60 if we get lucky, 15 if all the other buyers want to see this particular home, too.
Short offer deadlines: especially for owner-occupied homes. A few days of back-to-back showings can be exhausting and overwhelming for the seller (and the listing agent) and when the first offers roll in within hours, there's no reason to keep it on the market long.
Short list of homes to see, a very short list of homes that meet most of your criteria, and occasionally, no homes to tour at all.
How do you best prepare?
Have patience. Be realistic. Work with the best. Pursue the homes that fit the bill aggressively. Forget about the ones that don't. Make an offer that leaves you with no regrets. Be on stand-by to be able to respond quickly during offer presentation.
You must be ready to go! It starts with interviewing and hiring the best-for-you REALTOR®. In Maryland a written and signed buyer-broker-agreement has to be in place, otherwise the agent you are talking to and who is showing you the house is considered to be a sub-agent of the seller and obligated to represent his best interests!
It includes going over all the offer docs, discussing the process and offer strategies with your REALTOR® before you even write your first one. You must be ready to jump on an opportunity!
You also need to have your financing squared away as much as possible. Know what you can (comfortably) afford and which lender you'll be working with. This is not the market to shop around after you've found a house, nor one where you can afford to work with a lender who is not reachable after 5 pm on weekdays and not at all over the weekend. You need a responsive lender who will punch numbers and get you a letter no matter the day of the week!
Call me at 240.593.2860 if you'd like my short list of trusted lenders in Maryland and/or would like to discuss the home buying process in more detail. If you are a seller, YES. NOW is a great time to sell. Please get in touch. I may already have a buyer for your home.
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