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How To Stand Out as a Competitive Buyer

November 18, 2020

The Housing Market is Hot

Winter is coming but the housing market is showing no signs of cooling down. With record low rates, competition for your perfect home is at an all-time high. That begs the question, how can you set yourself apart as the most competitive buyer? 

Well, you’re in luck! We have 6 tips on ways to do just that. With a little preparation, some flexibility, and a personal touch your dream home can be yours for the taking. 

Research, Research, Research.

If you are entering into the housing market right now, you’ll want to have a solid idea of what you want before you even start looking. Nail down exactly how many bedrooms you need, look into the school district and neighborhood life, and know your budget. The typical home across the United States spent just 53 days on the market in October 2020, which is 13 days less than the same time in 2019. There’s little time to make big decisions, so do your homework early and be certain of what you are looking for.



Get Pre-Approved

This is arguably the most important thing you can do to show you’re a serious, reliable and qualified buyer. A pre-approval from a lender shows sellers that you have the money to buy and that the deal will not fall apart due to a mortgage contingency. The pre-approval process gives your lender the ability to look at your complete financial picture by acquiring documentation of things like income, credit history, assets and more. Following a full review of your income, assets and liabilities, you’ll get a letter that you can use when shopping for a home outlining the estimated loan amount you’ve been pre-approved for. Don’t let the process stand in your way, it’s really very simple these days. A Loan Officer can walk through the information with you over the phone or you can even complete it online simply by using our apply now link and choosing your loan officer.


Think Big, Not Small

Buying a home is one of the largest financial decisions of your life. We get it, things like kitchen hardware and floor finishing's can set the tone for what could be your forever home BUT in a market like this, it’s important to focus on the big picture. If a home ticks off all the major items on your wish list (i.e. an extra bedroom, finished basement, and great outdoor space) then maybe it’s okay to overlook the outdated railings and brass doorknobs; you can always update those later. Don’t pass up what could be your dream home for minor renovations you can do yourself!


Bring Back Up

Finding experienced professionals to vouch for you is a huge help. During the home buying process, it’s important to find both a Real Estate Agent and a Loan Officer to help you through every step of the process. Your agent can help you in assessing the market and putting together a competitive offer, and your lender can speak to your finances and reliability as a buyer directly with listing agents and sellers. You shouldn’t have to do it alone, and you absolutely don’t have to.


Come in Strong

Making the perfect offer is dependent on the kind of market you’re in. A buyer’s market means inventory is high with less competition, a seller’s market means less inventory and a lot of competition. In the case of 2020-21, we are in a seller’s market. Making a soft offer before showing your best hand could be detrimental to your chances of snagging your dream home. Consult with your real estate agent about creating the best offer you can, considering your budget, the current market, and your flexibility. It’s also good to think about how much you can put towards a down payment or if your budget allows for an offer above the listed price. Again, consult with your Real Estate Agent and Loan Officer to create the best plan of action for you specially.


Add A Personal Touch

Selling a home is tough. The seller of the home you’re looking at has likely created their own stories and memories in the place they’re letting go of. Taking some time to write a personal letter to the seller can really go the extra mile. Explain what you love about the house or the neighborhood and a little bit about yourself. This will show the seller that you’re excited about the home, have only the best intentions, and that you appreciate their experience there. In a pile of offers, this can really set you apart.


The most important thing to remember is to step back and enjoy the process as best you can. Having an experienced Real Estate Agent and Loan Officer on your team to support you can take a lot off your plate and make certain that your home buying experience is a positive one. 


If you are looking for someone to stand in your corner, contact us today to see how Fairway Mid-Atlantic can help you secure the home of your dreams.



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Q1 Recap

By Mikaylah Collins • April 12, 2023
We've begun to see signs that the Spring Market is here and could be robust! Here is what we know: According to NAR, home sales were up 14% in February over the previous month which marked the biggest monthly increase since July 2020. While March results are not yet published, the mortgage industry saw an increase in purchase applications for the 3rd straight month; a great sign for the housing market. Driving much of this activity is the stabilization of rates in January & February and lower interest rates this past month. We’re starting to see signs of a slowing economy and the markets are now pricing this in. This week we saw the 10-yr Treasury drop under 3.4%, a level it has not reached for quite some time and the lowest it’s been since September 9, 2022. This is great news for consumers as decreasing rates mean more home affordability. Over the past year, most markets have seen home prices stabilize if not even decline, albeit by a very small amount. This stabilization was still a relief for homebuyers as it helped to offset higher interest rates. As rates continue to decrease, we would expect home prices to again increase due to demand increases. In addition to increased demand, there is still a shortage of homes for sale nationwide and that will continue to worsen as more and more homebuyers enter the market.  So what does it all mean? Now is a GREAT time to buy a home! Rates and home prices are stable, there is not as much competition as there will be when rates do decrease, and buying a home is still extremely affordable for most. Once rates fall, we will likely see home prices rise and the competition for the shortage of homes will increase alongside it making the window of a buyer-dominated market very small.

Q1 2023 Market Outlook

By Sarah Rubin • February 10, 2023
We are well into Q1 and feel confident saying that the market appears to be stabilizing. Before we start looking forward, let’s quickly look back at the end of 2022.

Finding The Right Listing Agent For You

By Sarah Rubin • December 15, 2022
Buying a home is a huge investment and one we talk about often - BUT the flipside is that you have an opportunity to cash in on that investment when you’re ready to sell your home! While you do have the chance to cash-in, a lot more work goes into selling a home than you might think! If you are considering selling your home, working with a listing agent will help you market your home, negotiate with potential buyers, work through paperwork, and ultimately close on your home! So what is a listing agent? In its most basic terms, a listing agent is a real estate professional who represents the seller in a real estate transaction. The listing agent lists the home for sale and works on behalf of the seller to sell the home at the best price and terms for their client. Listing your home is a BIG deal and it is not a place to try and DIY. But why can’t you just grab a sign at Home Depot and try and sell yourself? Well, there are lots of reasons some of which include: Professional consultation: A listing agent will walk you through each step and tell you what to expect along the way! They should understand the specific community you’re in and the current market environment and will help you determine a competitive but realistic asking price for your home. Marketing and selling your home: Your listing agent will list your home on the multiple listing service (MLS) in order to better market your home to potential buyers. They also can make staging recommendations and hire a photographer to best show off your home and its features. They’ll schedule house showings, and can be present to answer any questions. Communication and negotiation: Communication is key to both buying and selling a home in order to minimize stress and misunderstandings. Listing agents take care of this important task, by staying in touch with interested buyers and their agents, fielding questions, handling paperwork, and negotiating the final sale price and terms. Recommendations: Seasoned listing agents might come with a list of professionals who they have worked with in the past that they enjoy working with in order to make the selling process smoother for you! Some of these professionals include: real estate attorneys or title companies, inspectors, stagers, those who specialize in home improvement AND of course trusted Loan Officers. How do I find the right listing agent for my situation? In order to find the right listing agent for you, make sure your agent is licensed and has experience, references, and a professional website where you can learn more about them and their qualifications. Most real estate agents work with both buyers and sellers, but some might specialize in one or the other. Once you find a few agents through referrals or online research, meet with them in person to ensure they meet your needs and work well with your personality. It is also important to ask questions during your meeting with them and it’s imperative that you determine what you’re looking for in an agent so you make sure you are happy with the product being delivered. Selling a home can be stressful, especially for first-time sellers. A listing agent can help by taking on some of the burden and providing the information and resources needed to help sellers make informed decisions. We work with agents on both sides of the transaction – if you have any questions or would like a recommendation for an agent in your area, please reach out to us!
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