Buying a House: What Can Give You a Competitive Edge?

a man thinking of a house

If you’re planning to buy a new house, it is important to know more about your local housing market. This will allow you to act right away when “the one” comes along. You can do this by looking at listings in your preferred area and researching potential home prices. This will also give you an idea of what type of property you can buy with the budget you have.

Apart from learning more about the housing market, VIP Mortgage and other home loan companies in Tempe share a few other things that can give you an edge when buying a house:

Get a pre-approval

If you’re financing the house purchase with a loan, it is best to get a pre-approval. This involves an evaluation of your financial situation to determine the amount you are qualified to borrow. This gives you a competitive edge over other buyers, as a pre-approval means that you are serious about buying the house and are capable of financing it.

Narrow your choices

A pre-approval can also help narrow your choices within the amount of loan for which you are qualified for. Through this, you can avoid wasting time (as well as disappointments) in looking at homes that are way over your budget. This improves your efficiency in a competitive housing market.

Make an irresistible offer

When you’re competing with other buyers, you need to make an offer that is hard to refuse. It is a good idea to base it on the current prices of properties in the neighborhood. You can also make your offer stand out by letting the seller or the owner know why you want to live in the house. Writing a letter is one way to do it. You can also let the seller know that you are willing to pay more, but be sure that you can comfortably afford it.

Home buying can be an emotional process, so it is best to keep your emotions in check and avoid focusing on insignificant aspects. You should also work with a reliable lender to learn more about the different loan options that suit your situation.