It is still a good time to sell. But what if you are looking to buy? Yes, you can still buy a home this year despite the high prices and shifting market. The housing market is expected to continue to stay hot this year, BUT not at the same rate as 2021. This works in your favor as a homebuyer. Here are 6 strategies for buying a home in the Tahoe Truckee area this year.
6 Key Homebuying Strategies for 2022
1. Get Re-Pre-Approved
Interest rates have changed, prices have risen. Take this opportunity to work with your lender and see how today’s rates affect your purchasing power. Then you have the numbers to guide you to a more comfortable price.
2. Write an Offer Under Asking Price
Don’t be afraid to put in an offer under asking price. If you’re thinking of standing on the sidelines and wait to see what happens in the market. My recommendation is to ask yourself, “At what price today would I be excited to purchase that home?” If you come up with a specific price for that home, then let’s write an offer on it and see how motivated the seller is and if they’re open to selling.
3. Don’t Fall In Love with ONLY 1 Property
Don’t fall in love with only 1 property, but fall in love with 3 properties. That way, you are not emotionally attached to one and you are in a better negotiating position. Inventory is not high and not back to pre-pandemic levels. Even when our inventory is higher, there is no perfect property. You will make it your perfect property. Pick your top non-negotiables and then we work from there.
4. Choose an Agent with a Winning Record
Choose an agent that knows how to guide you and has a record for winning. I may also add, an agent who hates to lose. An agent who loves the negotiating process can put you in a great position to have a successful outcome.
5. Do Your Homework
If you haven’t already, do your homework. For example, buyers may have felt pushed up against the wall to make offers with very little information available and no home inspection completed. Today, with exceptions, you will have more time to investigate the property. Of course, if there are other offers on the table, timeframes change but in an ideal situation, you want to be able to do your homework and find out exactly what you’re purchasing.
6. Be Creative
Be creative in your negotiations. Yes, there are the seller rent backs but also consider asking the seller for an interest rate buydown. Click HERE for a quick video on interest rate buydown.
I have more strategies that could help you obtain a successful offer in this shifting market. We have great listings coming up and more listings available. If you’re looking to buy with an agent that has a winning record for offers accepted AND who hates losing, then reach out to me!
Let’s do this together,