Westfield is currently under a Heat Advisory from the National Weather Service. Make sure you stay hydrated, stay out of the sun, and stick to air-conditioned rooms to help keep you cool. Also, check on your elderly family, friends, and neighbors. But the temps outside are not the only thing that heats up during the summer. Our Westfield real estate market is on fire. Keep these tips in mind if you plan on buying a home during the summertime.
Tips for Buying a Home in the Summertime
Fewer Choices/More Competition
In the past, sellers occasionally found themselves in the enviable position of fielding multiple offers. But in today’s market, we see this happening more and more. Less inventory means that home buyers may find themselves in a bidding war against other buyers for properties. It helps to hire a Westfield REALTOR® who knows the market inside and out when buying a home in the busy summertime months. Use their expertise and connections to find the right property for you.
Flexibility Equals Success
When faced with this much competition and a dearth of inventory, it may take a little longer to find a Westfield property than you might imagine. Also, some sellers may need extra time to find new accommodations after the sale. (This happens more than you think.) So, consider offering a short rent back option with your offer to allow the seller to stay on the property for a few weeks after close while they look for their next home. That may mean finding temporary accommodations for yourself in the meantime. But it could also be the catalyst that makes the seller choose your offer over others.
Offer Best and Final Upfront
The days of lowballing are out. Yes, everybody wants a good deal. But when buying a home in Westfield right now, you cannot afford to lowball. Many sellers receive enough offers on their property that they can afford to be picky. Some may not even counter or allow you to provide a higher offer. They will simply move on to the next offer instead. So, make sure to present your best and final offer upfront.
Get Your Financials in Order First
For my last summertime home buying tip, I will tell you what you should do first: talk to your lender. Unless you plan on paying for a Westfield home in cash, you need financing. Why? Sellers want to see a pre-approval letter and proof of funds with a buyer’s offer. The home loan process takes time, especially when you need to get approval through underwriting. I strongly suggest that you start this process with your lender even before you start looking for Westfield homes. Then, you will be ready to present a strong offer as soon as you find a home you love.