How to Get Your Dream Home

So you have done the rounds shopping for just the right New England dream home for you. You're finally in the home stretch, having found your dream home. However, there is a problem. Other buyers have decided it is their dream home too, and you've found yourself having to compete for your new home. So what do you need to know about duking it out with competing home buyers to increase your odds of coming out on top?Our real estate agents have some tips and tricks that can help you get to your dream home fast and easy.

Step One

Use a buyer's agent

Having an agent that works directly for you is a big advantage when buying a home. A good buyer's agent will have extensive experience in the market you're shopping. They will also have access to more information about listed homes, and will be looking out for your best interests, rather than those of the seller. Having an expert in your corner to guide you can make a big difference when it comes to competing with other buyers to purchase the home you have your heart set on. According to the National Association of Realtors, 88% of buyers purchased their dream home through a real estate agent or broker—a share that has steadily increased from 69% in 2001.

Step Two

Get pre-approved for a home loan

It is always best to get a mortgage pre-approval before you begin shopping for a new home. It is essential to do so if you're planning to submit an offer on a house where there are likely to be competing offers from other buyers. You want to be able to show that you can afford the home in question to ensure that the seller takes your offer seriously. Also, if any of your competing buyers have not yet made this step, you'll increase your odds of being seen as the more prepared and serious buyer. Take a look at our blog on the importance ofmortgage pre-approval to learn more.

Step Three

Limit contingencies

If more than one buyer is bidding on your dream home, presenting a clean offer, with as few contingencies and demands as possible, can increase the odds that the seller will look upon your offer more favorably than those of more demanding buyers.

Step Four

Make a large earnest money deposit on your Dream Home

Putting a larger than average chunk of cash down for earnest money can sway sellers. This will make it known that you are committed and ready to buy. Putting down a large earnest money deposit will also ensure added insurance on the transaction for both the buyer and the seller.

Step Five

Go face to face the listing agent

The personal approach when you deliver your offer can go a long way towards swaying the competition for a home in your favor. Most buyers send offers via email these days, a rather impersonal approach, so presenting yours face-to-face can certainly make you, and your offer, stand out from the crowd.

The Bottom Line on How to Get your Dream Home

These five tips will greatly increase your chances of nailing down your dream home. If you could use a few more great tips on coming out the winner when you're buying a home, please feel free tocontact us. You can also check out The Ultimate Home Buyers Guide to learn more about all the steps it takes to buy a home. We're always happy to put our knowledge and experience to work for the benefit of New England home buyers.