How to Stay Motivated as a Buyer in a Hot Real Estate Market

When you’re a buyer, a hot real estate market can be frustrating. Since there’s too much competition for too few properties, it’s not uncommon to lose a perfect home to someone else — sometimes more than once. Then, you need to start your search all over again. To avoid becoming demotivated, there are steps you can take to make the home-buying process run smoothly.

1. Work with Professional Advisors

Buying a home is a complex process. It makes sense to have a team of professionals helping you at every step — from the search itself to sending sellers an offer. For instance, advisors can send you recommendations based on your preferences. This will prevent you from spending time looking at homes that are not right for your needs.

2. Build Your Down Payment

Use the time it takes to find a home to save for your down payment. The more you can afford, the more likely a seller is to accept your offer.

3. Start the Mortgage Approval Process

A high down payment can also help with your mortgage pre-approval. This is valuable to have, since it shows sellers that you can afford to purchase their home — and the last thing sellers want is to accept an offer only to find that the buyer is denied a mortgage. For this reason, a pre-approval letter from a lender can be key to helping you stand out as a top choice when there are several potential buyers.

4. Dedicate Plenty of Time to House Hunting

Schedule plenty of time to look at houses, ideally when you have a clear mind and plenty of energy. It’s even better if you can take the day off work (or even just an afternoon), as this could mean you’re able to see homes before other people.

5. Know Your Budget

Calculate your budget from the start and only look at homes within your price range. In a hot market, it’s a waste of time to consider properties you’re unable to afford. Furthermore, if the only way to win a home is to offer more than your budget, rule out the property and continue your search as soon as possible to avoid toying with a stressful decision.

Be ready to make an offer on your dream home by preparing in advance with a Sherwood Park mortgage broker. Contact the Flare Mortgage Group to get pre-approved in less than 24 hours.