5 Ways to Beat the Competition to Your Dream Home

You’ve been patient, saved a nice sized down payment, have thoroughly gone through your credit file; and, put more money aside for moving expenses, an earnest money deposit, as well as inspections and closing costs. You’ve also put a bit of money into savings for any contingency that might arise after you buy your dream home.

Now, you’re ready to do just that, find a beautiful home with all the creature comforts you want and plenty of functionality. Owning a home is truly a dream and it’s about to come true for you. As you begin your dream home hunt, you start to educate yourself on the real estate market.

How to Know When You’re Ready to Buy Your Dream Home

In many cases, buying a dream home means buying in resort communities. It also usually means that you’re probably looking to move-up in size. Buying a dream home is an exciting proposition, but it isn’t one that comes without a few considerations. First and foremost, you have to think long and hard about your finances. While you might have enough to purchase a home, there will be other expenses. Another consideration is size and location. It’s smart to buy a property that isn’t at the top of the market to have more flexibility to sell later on, should that become a reality.

“Many buyers rely on real estate agents and the home search itself to find the right neighborhoods. But before you buy, you should know your neighborhoods of choice well — down to the block — before you making a first offer. Though this can be tricky if you’re new to an area or live a long distance away, research on location will allow you to determine whether the neighborhood offers the amenities that will make you happy.” —CBS News

What you also have to take into account is your current home, which is to say, the salability of your existing property. Most homeowners who decide it’s time to upgrade are in a position of having to sell their current home in order to purchase their dream home. Finally, you’ll have to consider how your life will change. When you buy a new home, you’re buying a part of a neighborhood, part of a community, and changing your lifestyle. Should none of these pose a problem, you’re ready to buy your dream home.

Five Ways to Beat the Competition to Your Dream Home

It’s important to remember that sellers put their homes on the market for a variety of reasons, some of which, can work to your advantage, while others will work against you. Then, there are other buyers out there who are eyeing the same dream property as you are, and, are ready and willing to put-in a purchase offer. Here are five ways to beat the competition to your dream home:

  1. Have your finances and financing in-place, and ready-to-go. When sellers get offers, they often turn to their listing agent for advice; and, not only about the offer price. They’ll consider the whole scenario in order to make a sound decision. Having your financing in-place and from a reputable lender is paramount. What’s better is to have a pre-approval from a local or regional lender, which provides a sense of security for the seller.
  2. Look for a home that needs just a little TLC. When your competition looks at their potential dream homes, they’ll likely want something that’s completely move-in ready and doesn’t need an ounce of work. If you find a property that has a few things which need to be fixed or is a bit outdated, you can get a better deal and land it without much competition.
  3. Write a personal letter to the seller. It might sound cliche or even corny, but this does work. Sellers receive offers from their listing agents, which got the offer from buyers’ agents. When you submit a purchase offer with a personal letter, you’ll stand out in a very good way.
  4. Work with an experienced agent. Hunting for a dream home takes time and buyers don’t often have enough time to devote to a comprehensive search. Having an experienced agent is a must to find the right home.

Another way to beat out the competition is to work on the seller’s timeline. If the seller needs to set the closing day further out or needs to move it up, your cooperation will go a long way.