Supply is down. Demand is up. Mortgages are still at a historic low, and many homebuyers are finding themselves thrust in the middle of bidding war showdowns. Certainly, all this stress is water under the bridge if you buy a new property with Ryan Homes. With Ryan Homes, your financing is streamlined, your pricing is set, and no one can outbid you. But if you're still in the market to shop resale, here are some tips to keep in mind before you step into battle.
Ready to avoid the fury of the bidding war and shop brand new? Experience the best of the Midwest and make Indiana your next destination. Ryan Homes has a variety of gorgeous properties in the greater Indianapolis metropolitan area to choose from.
Get a head start
Make it a point to hit the housing prep work two months in advance. Have your eye on a neighborhood in the center of Perfectville? So does everyone else. If this is the case, shoot for four months in advance, and begin with the logistics. Check your credit score. Any pending issues that need to be dealt with? Also, there's no such thing as too much research when you're house hunting. Find out what the average amount homes in the area are going for directly from builders, agents or other reliable sources. Even if it is your dream home, you never want to be the one who overbids.
Have your paperwork ready
You've done your research. You've done your credit check. Now it's mortgage pre-approval time. A pre-approved letter from a lender holds quite a bit of currency in the housing market. Letting a seller know that you can afford a home as soon as you walk in the door can bump you up to the top of their list. Bottom line: Sellers want reliable homebuyers.
Keep it together
Rejection is tough. It can sting, but don't let your emotions get the best of you. You don't want to bid beyond your means in a moment of passion. More importantly, you don't want to end up living with a son or daughter you can't put through college in a home you can't keep up with.
Be a cynic, just this once
Don't leave yourself open to swindlers or the kind of sellers who start bidding wars on purpose. A bidding war can create a buzz around a home that simply may not warrant the attention. If the price seems like a steal, you don't want to be the one being sold. Be skeptical. You're not buying a new dishwasher—you're investing in a home.
Open your heart
If you're bidding on a home in a popular area, there's a very good chance you're going to bid over the asking price. If the stress of a bidding war—and there's going to be stress seems like a little too much, remember, there's no harm in backing out. Dozens of wonderful homes in fabulous areas might be waiting for you, another day, over the horizon, or four blocks away.
Buy new construction
Buyers who get caught up in the bidding war can lose time, money, and their sanity. When you buy a brand new house from Ryan Homes, you can rest easy knowing that the price of your new home is fair, accurate and not going anywhere.