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If you’ve been keeping an eye on the real estate market recently you are well aware of how competitive it is. In fact, many home buyers are struggling to get their full price offers considered at all. It seems that in the Upper Valley, if you aren’t paying over asking price you aren’t being considered by the homeowners. This can bring frustration for buyers and make the experience of purchasing a home less pleasant. 

The good news is that even in this ultra competitive market there are things you can do to put yourself in the best buying position possible. 

1. Align Yourself with a Local Independent Mortgage Broker

Nothing will get your offer ignored faster than tying your offer to the promise of an online lender. These offers may seem harmless but when the market is tight real estate agents know that a local independent mortgage broker who knows the Upper Valley well is the best way to present your offer to be taken seriously. 

2. Choose a Buyer’s Agent

The value of working with a buyer’s agent is priceless and it could cost you countless homes if you choose not to. The job of a buyer’s agent is to help you find the homes coming on the market but also help you position your offer for the best chance of success. When finding a buyer’s agent it is very wise to stay local. They have a solid understanding of local strategy and may even know about properties that haven’t hit the market yet so you can be a step ahead. 

3. Know Your Budget

When you connect with a Legacy Mortgage loan officer they will help you evaluate your income and debts to determine how much house you can afford.  This is especially important when homes are going for above asking. If your loan officer indicates that your top budget is $500k, it might be wise to look at homes under $475k to ensure that you have wiggle room to offer over asking if it’s the home for you. 

4. Get the Word Out

Sometimes alerting current neighbors and friends that you’re shopping for a home is the best way to get a buying opportunity. It’s unlikely you will get a lower price this way but you might be able to avoid the bidding war.  

 5. Think Before you Forego Contingencies

Contingencies are in place when a real estate offer is made. Contingencies are a series of things that must happens for the deal to take place. Common contingencies are home inspections, financing and appraisal. When you are struggling to get an offer accepted you may be compelled to take some risks to get your offer noticed. It is important to understand that if you waive a contingency your deposit is at risk. Have a serious conversation with your agent and your mortgage broker before you waive any contingencies.

6. Skip the Financial Investments

While you are shopping for a home you need to avoid any major financial changes. No big purchases, no additional credit pulls, and make sure all your monthly payments are made in full and on time. These are best practices for a smooth home buying experience.

If you are looking to buy a home in the current Upper Valley real estate market, you need a team of local real estate experts on your side. We have the privilege of partnering with the best local agents, appraisers and attorney’s the Upper Valley has to offer. When you work with Legacy Mortgage you are working with the best local professionals from beginning to end. Reach out to the Legacy Mortgage team to get started get the loan process started. Call us today, 603-643-7400.