Are you going to buy a home this Spring or Summer? Here are 4 Tips to get ahead in a competitive sellers market.Want to sell your home? Get a FREE home value report. Want to buy a home? Search all homes for sale.Here are 4 Tips for being prepared to buy in a Sellers Market:

1. You MUST get pre-approved upfront.   Getting pre-approved isn't simply so you have a piece of paper in your hand that you can get a mortgage, it also will give you the total CASH out of pocket that you'll need in order to make the down payment and cover closing costs, give you monthly payment options, and allow time to work on credit - for improved interest rates. 
2. Review the AGREEMENT OF SALE(CONTRACT) with you Buyer Agent upfront.  Everything moves quickly in a buyer's market and you'll be making an offer in some scenarios an hour after you've viewed a home.  If you're not prepared for the wording, contingencies, terms, and language in the agreement of sale upfront, it can be very overwhelming.  I've seen scenarios where buyers have lost the home they want because they needed more time to review the agreement and make sure they were comfortable with everything - meanwhile, a more prepared buyer bought the house out from under them.  Familiarize yourself with the contract and it will make the purchase process a lot easier and less stressful.
3. Take advice on Mortgage Lenders.  In a tight market, the lender you are working with can literally make or break a deal for you.  When there are competing bids on a home, the ability to close quickly is very important and will give you an upper hand over buyers that are working with a large Bank working on THEIR time.  I've had two banks in the last month tell me they can't get a 30 Day purchase done...if they can't close a mortgage in 30 Days, I would advise not using them.  
4. Be Flexible with your timeframe. The seller has the upper hand in our market here in Pittsburgh, so its always helpful to have a few back up plans with your move date.  The home you're looking for could come tomorrow or not for another 2 months...Look into possible lease extensions, penalties for breaking a lease, options for temporary housing (maybe mom and dads), etc.

If you have any further questions about how to get prepared for a purchase in this highly competitive market, give me a call anytime at 412.396.9800!