Ignite FB Tracking PixelTips for Buying in a Hot Market - Cathy Lomasney
ERA Key Realty Services
ERA Key Realty Services
Cathy Lomasney, ERA Key Realty ServicesPhone: (978) 808-0366
Email: [email protected]

Tips for Buying in a Hot Market

by Cathy Lomasney 09/03/2023

In real estate, a “hot market” refers to a market with lower inventory and higher demand. When the market is hot, there is more competition for property and this can make buying a home more difficult. If you’re trying to buy a home, here are some tips for how to navigate a hot market.

Start With a Broad Search

Keep an open mind in the beginning. While you might have a specific dream neighborhood in mind, don’t rule out other options. Browsing online real estate portals, local real estate websites and even exploring potential neighborhoods in person can help you get a better idea of what’s available. Keep your search for specific properties broad as well. Broadening your perspective can help you in a hot market.

Hire a Real Estate Agent

A buyer’s agent is essential in a hot real estate market. A good real estate agent can help you find listings as soon as they hit the market or even before. They can also use their expert knowledge to make you stand out against other buyers. Try contacting multiple options and maybe ask for personal recommendations from friends, family or colleagues to find a good fit.

Prepare Your Financing

Do your mortgage shopping early so that your finances are prepared for a quick decision when the time comes. Compare lenders to find the best rates. You may also want to consider getting preapproval from more than one lender as well. Preapproval makes a vast difference in whether an offer is considered because it shows the seller that you’re financially responsible and serious about the decision. Sometimes, sellers may even require preapproval to tour a home in person.

Expect Compromises

Unfortunately, you can’t always get your dream home in a hot market. Instead of waiting for the perfect property and potentially missing out on other opportunities, keep a tier list of priorities and consider looking for second-choice homes. If there aren’t any homes available that meet all of your criteria, consider which things you can do without or compromise on.

Be Patient

Navigating a hot real estate market can be frustrating. It's hard to find what you want and you may lose out on multiple great homes to other buyers even when you find them. The home buying process can last several months and feel as though it’s full of failures—however, it’s crucial to be patient instead of giving up on your plans or paying too much. Offering too much to “settle” on a house can leave you with serious buyer’s remorse and an empty wallet.

Keeping these tips in mind will help you find a great home, even in the hottest housing market. While it can be competitive and difficult, the more knowledge and preparation you have, the easier the process will be.

About the Author
Author

Cathy Lomasney

Hi, I'm Cathy Lomasney and I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.

 

  • 2024 Top 5 Agent - Middlesex County
  • 2023 ERA Key Realty Services Circle of Honor
  • 2023 Rate My Agent - Agent of the Year Middlesex County
  • 2023 Rate My Agent Top 10 for MA & NE Region
  • 2022, 2021, & 2019 ERA Key Realty Services Leaders' Circle
  • #8 2022 ERA Key Realty Services Top All Around Agent
  • 2022 Homesnap's Top 15% Award - Top Agent Award Winner
  • 2021 & 2019 ERA Key Realty Services Top 10 All Around Agent
  • 2018 ERA Key Realty Services Top 20 All Around Agent
  • 2020, 2018, 2017, 2016, & 2015 ERA Key Realty Services Circle of Achievement Award
  • Distinctive Properties Certified Agent
  • Nationwide Relocation Expert
  • Award Recipient of Highest Gross Commission Silver, Bronze & Gold Levels
  • Career in Real Estate since 2005