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Worried about your chances landing a home in today’s hot home buying market?

Categories: New Homes in Raleigh | Posted: December 27, 2019

If you are planning to buy a new home in Raleigh this New Year, you may be worried that you will have a hard time being able to even get an offer accepted on a new home because of how hot the market is. Not to mention, there seem to be a lot of all-cash buyers roaming the housing market so that puts many potential buyers on edge, if they don’t have the ability to pay cash for a home. However, you are in luck to get a home this New Year even if you can’t rival with the all cash buyer. Mattamy Homes shares ways you can still get your dream home in 2020.

If you aren’t an all-cash buyer, you aren’t out of luck in terms of your abilities to still purchase a home. As yourself some important questions that if the answer is yes, can put you head-to-head with a cash buyer.

First, do you have enough to put 20-percent down as a down payment? Next, do you have a good job that is also one you have been at for over a few years? Third, do you also have cash apart from your down payment that you have access too, if need be for things like closing costs, inspections, etc. Fourth, do you have little to no debt? This can be a huge factor in making you a promising candidate as a buyer. Lastly, do you have good credit? This is another huge factor that banks and lenders will look for, when offering you a good deal on a home loan.

If you answered yes to all or most of the questions above, your offer and purchase on a home will be see just as valuable as a cash-buyers offer.

There are other tips that you can use if you find yourself going up against an all-cash buyer in today’s market.

  • Have everything ready to go before even placing an offer on a home. For example, already have your loan approved and a pre-approval letter from your lender to proceed when putting an offer on a home. Getting the approval process completed and having a lender already approved you before you put an offer on a home, allows the buyer to know you can afford the home.
  • Next, ask your lender to get a head start on items like the mortgage and loan appraisal contingencies. This can shorten the time needed to close on a home.
  • Another way you can easily get your bid picked over an all-cash buyer, is to over pay by 5 percent. Most of the time all-cash buyers will submit a lower offer, thinking they will get picked because their offer is all-cash. However, if an all-cash buyer submits a lower offer and you offer 5 percent over asking, the seller will most likely go with the larger offer.
  • The last tip can be a very powerful one. Make yourself known to the seller! Write a heart-felt letter to the seller on why you want the home. Let them know who you are and what your intentions are of wanting to move and move into their home. Often if the bids are close, the buyer will go with the person who really expresses interest in their home and makes an effort for it.

 

These simple tips can allow you to have as strong as an offer as an all-cash buyer and hopefully have you into your new home by spring!

 

Mattamy Homes is a new home builder in Raleigh, North Carolina. For additional information about Mattamy Homes building your Raleigh new home, please call (888) 677-1502.

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