Buying A House: How To Deal With Tough Competition

Buying a house in a hot market requires a cool head. Consequently, would-be buyers must be prepared to act fast and pursue effective strategies to win their desired dwelling.

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Source: Buying A House: How To Deal With Tough Competition | Mortgage Rates, Mortgage News and Strategy : The Mortgage Reports

Mike Nelson Equity PrimeI was looking at a list of mortgages I have worked over the past few months and came to the conclusion that I have met a lot of really interesting people.  I have worked on all sorts of deals – USDA, Foreign National, Bank Statements, FHA, Conventional, High Balance Conventional and Jumbos over $1,00,000.  There we a few refinances in the mix but most of the deals were purchase.  Each one of these products represents a different buyer with a different financial situation and certainly different goals for home ownership.



I have met a lot of really interesting people competing for the home of their dreams!

In Colorado the market below $325,000 moves quickly and there are certainly many offers on each property.  I worked with a lovely couple who put 5 offers on 5 different houses before they won their contract.  As the market moves past the $350,00 price point, houses stay on the market longer.  

I am also working with a buyer who is deciding between an investment property, a new primary residence or not buying at all.  This particular buyer is well beyond the $300,000 price point and has spent a great deal of time looking at available properties,  researching the market, and understanding the financial realities of owning  multiple houses.

Mike Nelson Equity PrimeMultiple competitive offers is the common thread in the housing market.

The common thread in both of these examples is pressure from other competing offers.  Both of my clients successfully purchased the right house for their own particular needs.   Both of  these clients also invested their time understanding the market, their needs, and their own financial condition.  They also found a support team of professionals who truly care about their home ownership goals.

Writing 5 contracts for 5 different homes takes a lot of patience.  Competitive markets are frustrating and losing to financially stronger offers is commonplace.  But remember, writing 5 offers means a team of real estate professionals is working hard as well.  Winning in competitive markets requires a dedicated team of agent and lender supporting the needs of the buyer.

Build a dedicated team of professionals supporting your real estate purchase

Mike Nelson Equity Prime

This is the point of the article and I agree wholeheartedly.  The client that has done the hard work and preparation will present the right financial offer to win the home of their dreams.  The hard work required to make the right choice for the right home requires the dedicated support of agents and lenders equipped with a broad spectrum of mortgage products.  Feel free to give me a call, send a text, or send an e-mail if you want to continue the dialogue.

As always, Happy House Hunting!

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Michael Nelson - Equity Prime Michael Nelson - Equity Prime, LLC

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