Top 5 Tips for Home Buyers in 2022!

Transcript from video:

hey everybody this is reggie powell with

keller williams stock metro this is a

quick video on the top five ways to uh

get a home in this competitive buyer's

market that we've got going on right now

so the first thing is you want to work

with a local experienced agent

um obviously this one is number one to

me because i think it's really important

to know your market uh things are going

so fast around here that you could find

something that you really like on zillow

a realtor or whatever app that you use

to find homes and you find out very

quickly that it's already gone or it's

pending or it's it's already been sold

it's not uncommon at all to find a home

that gets listed and they've already

accepted offers on it the next day and

that's in any condition of home

we just walked a home yesterday my

clients and i and it was a pretty good

fixer in need of a lot of repair they

listed it yesterday and they're already

accepting offers today so we submitted

an offer and we'll see what happens uh

but right now the market's really

competitive inventory is really low and

things are just going quick so you want

to work with an agent that knows their

market knows what's going on has a good

connection with other agents they can

call them and contact them

and find out what the deal is and what

the highest offer is and

what you need to offer to get your

clients offer accepted number two for

you is to be ready to offer over the

list price

with the market as as tight as it is a

lot of people are offering well over the

asking price and for you to be

competitive against everybody else a lot

of the time you need to offer over the

asking price so find a number that

you're comfortable with for spending on

that home that you're looking at and

just be ready to offer well over asking

price if it's really a home that you

want to get

i spoke with an agent earlier in the

week she had a listing a couple weeks

ago and within a week she had gotten 16

offers on that one home so just to kind

of give you an idea how things are

moving right now there are a lot of

people out there looking for the few

homes that are out there and you need to

do anything you can

to make your offer stand out from

everybody else's tip number three is you

want to waive contingencies when you're

comfortable in doing so so obviously if

you're looking at a home that's you know

that

could be bigger than you can tell just

on first look first glance

obviously don't wave those contingencies

on there but if you're looking at a

newer build home everything looks good

the roof is in good condition

that would be a home that you want to

wave contingencies on

like i said the market's really tight

and people are doing everything they can

to get the home so if you're comfortable

waving contingencies i would say go

ahead and do it

my fourth tip is to talk to your lender

and see what the shortest closing you

can offer

the seller uh not too long ago the

standard was 45 days but nowadays people

are really wanting to sell and there are

so many people that are looking to buy

that people can come in with cash offers

or they can come in with 30 day closes

or whatever it takes to get that house

closed quicker

so talk to your lender and find out how

quickly you can close with the loan and

the financing that you have arranged to

buy that house

my fifth and final tip is to have a

large down payment and a large earnest

money deposit as well

figure out what number you're

comfortable with and how much money you

can put down and try to maximize how

much money you can put down a couple

things it'll do for you the first thing

it'll do is it'll show the seller that

you're serious about buying the home and

it'll also lower your your interest

payments that you make every single

month since the balance of the loan will

be smaller since you're putting more

money in up front

also with earnest money deposit this is

usually one to two percent of the

purchase price and the way this works is

once your offer is accepted they're

going to take that earnest money deposit

and it's going to go towards escrow so

you can do a large earnest money deposit

and it won't actually leave your bank

account until your offer is accepted

and then if you do leave contingencies

in there there's always a way to take a

look at the house and something comes up

you can get that money back

but by using a large earnest money

deposit you're also showing the seller

that you're serious and you want to make

the steel work and you want to buy this

house as quickly as possible

all right those are my top five tips for

buying a home in this crazy market that

we got going on right now

i would suggest if you are a buyer in

this market you need to find an agent

that can get you information as quickly

as possible just because homes are

coming up on the market and they're

selling the next day a lot of the time

with multiple offers coming in hand and

that's for homes that are completely

rebuilt and redone and remodeled and

everything's done and it's for homes

that need a lot of work

so pretty much all homes right now

regardless of the condition are coming

up on the market and selling very

quickly

so if you are out there looking to buy a

home just stay diligent keep on doing

what you're doing know your numbers talk

to your lender talk to your real estate

agent make sure they know exactly where

you're looking for and uh just be ready

to jump on that deal as soon as it comes

up uh as always thanks for watching

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content up here for you guys all right

take care