The condo housing market can be competitive! Condos can sell quickly, depending on the area. You have to be on your game in order to have a chance at getting the condo that you want.
Condo shopping can be very difficult in a fast-paced market, and buying can be even more difficult! We’ve put together the specifics for you– read on to find out more and take on this process head-on.
There are many ways to go about buying a condo. However, you’ve got to be honest about your personality and where you’re at in life. If you’re a disorganized person who is used to things ‘just working out’, that’s not going to fly here. Read on to find out our top tips for getting your dream condo and what will bring you the most success.
Check Out Various Condos.
You want to be certain that you’re getting the condo that you want for a certain price. It can be difficult to place a bid on the first condo you see– even if it’s the right one, having seen zero predecessors can definitely make one nervous. Shop around at a few practice condos that you have no pressure to bid on and you will feel more confident having seen a few places and having a few condos under your belt.
Getting a Loan Pre-Approved.
Having a pre-approval letter in your hand means that most sellers are going to be open to considering you. These are crucial in quick-moving markets where you must make an offer once you see a condo you really love. Getting one from a local lender may work in your favor too because they are often quick communicators and good at closing with a knowledge of the area real estate laws, so that may be an edge in a condo situation where there are multiple offers besides your own.
Figure Out Your Finances.
Knowing the status of your finances can help you know what a lender will extend to you and what your budget for your condo shopping is. That will give you confidence and allow you to raise an offer in a bidding war, but know where to stop. You can make an offer that they may accept and feel good about it, so dig into your finances and loan potential. Call a few banks to make appointments to find out more.
Know What You Want and Bid Early if You Want It.
If a condo is meeting all your requirements and you feel confident that this is your dream home, put in a bid! They may contact you and ask for more if you are the only bidder. However, if you really want a condo, put up a solid offer and do it early. They may accept your offer and then you have defeated all your opponents in battle!
Pick a Good Agent.
A good agent is helpful, particularly if this is your first time shopping. They can alert you to condos that you might like and help you see them as well as offer up advice. They’ll tell you when you should move quickly if you want a property and what the local market is like. Their status may also be an advantage in multiple offers if they have a good reputation in the industry.