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St. Louis is filled with charming neighborhoods, diverse communities, and endless opportunities to find your perfect home. But in today’s competitive housing market, it takes more than good luck to end up with the keys to your dream house! Let’s explore some homebuying tips to get a leg up on the competition and make sure you find the ideal home at the best possible price.
Tip 1: Get Pre-approved for a Mortgage
In St. Louis’ hot real estate market, putting in an offer that is contingent on financing is a quick way to get passed over by sellers. Work with a local mortgage lender to get pre-approved for a loan before you start your home search. This will demonstrate to sellers that you’re a serious buyer who is ready to move quickly when the right home comes along. Focus on lenders who know the St. Louis market inside and out. They can give you expert advice on realistic prices and loan amounts so that you can submit a strong offer.
Tip 2: Work with an Experienced Local Realtor
A realtor who specializes in the St. Louis home market can help you navigate the complex process and give you a competitive edge. Lean on their expertise regarding neighborhoods, market trends, and the pros and cons of different areas. An agent can also tip you off early about homes not yet listed publicly and look out for off-market opportunities. Consider asking your friends for agent referrals, or you can also read local reviews to find a realtor who excels at customer service.
Tip 3: Make Your Offer Stand Out
In order to avoid competing in bidding wars, you need to make your offer rise above the rest. Including an escalation clause will allow you to automatically beat other offers up to a capped amount. You can also provide a large earnest money deposit and proof of funds for a quick and smooth closing. Writing a personal letter appealing to the seller can also help your offer connect on an emotional level. In fact, industry experts note that crafting a heartfelt personal letter to the seller is the second-best way to win a bidding battle – increasing the buyer's likelihood of having the winning offer by nearly 60%!
Tip 4: Move Quickly When You Find “The One”
When you find a home you truly love, it's important to act swiftly. The St. Louis real estate market moves at a rapid pace; sometimes homes sell within days or even hours of being listed. Be prepared to submit your strongest offer on a new listing right away, before other eager buyers beat you to it. If you can, try to schedule showings and view homes as soon as they hit the market so you're among the first to see and make an offer. In a competitive purchase situation, timely action is key; so don't hesitate to make your move when you find the perfect spot to hang your hat.
St. Louis’ real estate market can sometimes make homebuying a challenge. But going in armed with the right strategies can empower you to navigate the landscape successfully. Partner with experienced local professionals and remain poised to make a swift, competitive offer when you find your dream home. In no time at all, you’ll end up with the keys to your ideal property in the neighborhood you love. Happy house hunting!
If you’d like to get pre-approved for a mortgage, you can do that here. We would also be happy to recommend some experienced, local Realtors to help you in the homebuying process. Just reach out to us — you can find all of our contact information at https://www.frontierhomemortgage.com/contact-us/