In real estate, a “hot market” refers to a market with lower inventory and higher demand. When the market is hot, there is more competition for property and this can make buying a home more difficult. If you’re trying to buy a home, here are some tips for how to navigate a hot market.
Start With a Broad Search
Keep an open mind in the beginning. While you might have a specific dream neighborhood in mind, don’t rule out other options. Browsing online real estate portals, local real estate websites and even exploring potential neighborhoods in person can help you get a better idea of what’s available. Keep your search for specific properties broad as well. Broadening your perspective can help you in a hot market.
Hire a Real Estate Agent
A buyer’s agent is essential in a hot real estate market. A good real estate agent can help you find listings as soon as they hit the market or even before. They can also use their expert knowledge to make you stand out against other buyers. Try contacting multiple options and maybe ask for personal recommendations from friends, family or colleagues to find a good fit.
Prepare Your Financing
Do your mortgage shopping early so that your finances are prepared for a quick decision when the time comes. Compare lenders to find the best rates. You may also want to consider getting preapproval from more than one lender as well. Preapproval makes a vast difference in whether an offer is considered because it shows the seller that you’re financially responsible and serious about the decision. Sometimes, sellers may even require preapproval to tour a home in person.
Expect Compromises
Unfortunately, you can’t always get your dream home in a hot market. Instead of waiting for the perfect property and potentially missing out on other opportunities, keep a tier list of priorities and consider looking for second-choice homes. If there aren’t any homes available that meet all of your criteria, consider which things you can do without or compromise on.
Be Patient
Navigating a hot real estate market can be frustrating. It's hard to find what you want and you may lose out on multiple great homes to other buyers even when you find them. The home buying process can last several months and feel as though it’s full of failures—however, it’s crucial to be patient instead of giving up on your plans or paying too much. Offering too much to “settle” on a house can leave you with serious buyer’s remorse and an empty wallet.
Keeping these tips in mind will help you find a great home, even in the hottest housing market. While it can be competitive and difficult, the more knowledge and preparation you have, the easier the process will be.
About the Author
Tina Broyles, DRE 01009212 & NMLS 91630
Headline: Tina Broyles: Your Expert Real Estate Agent for Fremont, San Jose, and the Bay Area | eXp Realty
Bio:
As a dedicated real estate professional and a long-time resident of the California Bay Area, I have been proudly serving the real estate community since 1987. My mission is to provide my clients with unparalleled professionalism, in-depth market knowledge, and a caring approach that has resulted in a business built almost entirely on referrals.
Your Trusted Real Estate Advisor in the Bay Area
I specialize in the vibrant and diverse real estate markets of Fremont, Campbell, San Jose, Saratoga, Cupertino, Sunnyvale, Morgan Hill, Santa Clara, Mountain View, and Milpitas, CA. With over three decades of experience, I have a deep understanding of these communities and can provide you with the insights you need to make informed decisions.
One of the most consistent compliments I receive from clients is about my responsiveness to their needs. Your goals are my top priority, and I am committed to being there for you every step of the way. I am honored to have been voted "Best of Milpitas" every year from 2000 to 2020, a testament to my dedication to my clients and my community.
About My Business: eXp Realty
As part of the innovative eXp Realty team, I bring a diverse set of skills and a commitment to excellence to every transaction. We leverage cutting-edge technology that is "beyond expectation" to provide you with a seamless and efficient real estate experience. My team and I offer the perfect balance of experience and professionalism to help you achieve your real estate dreams in the Bay Area.
Community Involvement
I believe in giving back to the community that has given me so much. I am a happily married mother of two and a proud grandmother to two beautiful granddaughters, Audrina and Chesney. In my free time, I enjoy golfing, exercising, and my weekly Bible study. I am also passionate about serving the homeless community in Milpitas and supporting our local businesses.
I would be honored to get to know you and your family and put my extensive real estate experience to work for you.
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