How to Compete and Win in Today’s Housing Market

March 24, 2021 by Joe Grunnet

The 2021 housing market is, without a doubt, one of the strongest seller’s markets we’ve seen in a long time. Bidding wars, waved inspections, even sight-unseen purchases are dotting the real estate landscape and even surprising an industry that’s used to the rollercoaster moods of homebuyers and sellers.

 

Many buyers who put purchasing a home on hold during the worst of the pandemic are now eager to take the plunge. Some are anxious to leave renting behind and dive into homeownership. Some are looking to upsize or downsize after a year at home gave them a chance to reassess what they really need in a living and work space.

 

Combine all that with record-low interest rates and fewer houses on the market, and you’ve got the perfect formula for high prices and bidding competition.

 

It may seem overwhelming to navigate such an uneven market, but there are ways to be a smart, prepared and competitive buyer in spring 2021.

 

1. Get pre-approved for a mortgage. Pre-approval shows sellers that you’re a serious buyer and you can move quickly to close the deal. Learn how to get pre-approved with the Ellingson Team with Luminate Home Loans.

2. Make a list of what you MUST have in a home and be flexible with what you’d LIKE to have. It’s important to know the difference between your needs and wants, and what you’re willing to give up to make a purchase.

3. Look for homes under budget in case you find yourself in a bidding war. It’s easy to get carried away with the competition but going over budget is a dangerous way to play the game.

4. Try to keep your emotions in check. Falling in love with a home will often lead to disappointment or a bad financial decision. No house is perfect and second or third options often become the better choices.

5. Expand your search. There may be exciting neighborhoods you’ve overlooked outside your preliminary search area that still check all the boxes. Explore Minneapolis neighborhoods on our condo guide.

6. Find a real estate agent you trust. Your agent is a secret weapon in a tough market. DRG Urban Realtors have the knowledge, experience, and know-how to help you navigate the process, find the right home, and seal the deal.

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