If you’ve been shopping for a home in this seller’s market the Twin Cities area is currently experiencing, you know that many homes are being sold in multiple offer situations. That is even more true if you are looking for your first home. At these lower price points many agents will list the homes on a Friday and review the multiple offers with the sellers on that following Sunday. With this type of market where the few available homes are attracting many buyers it is important that buyers remember that while you are competing to get a home, make sure it’s a home worth competing for.
Remember the basic rule of real estate – location, location, location. Don’t be tempted to go after a home in a bad location just because there is not as much competition for it so you think you can get your offer accepted and finally get a house. When searching for homes online remember to pull up the aerial maps to see where it sits in terms of busy roads, etc. And use these links to check out schools, crime and community data. This seller’s market will someday turn into a buyers market or even a balanced market. And this home you just purchased in a bad location will be difficult to try and sell. Instead look for solid homes that may not be as desirable due to condition, homes that you can change easily over time. Floor plans can be difficult to change while paint, carpet and appliances relatively easy. You still want a solid home, one with “good bones” as they say. But if the home is slightly dated but livable, you can still be in a less competitive situation when putting in an offer and put some sweat-equity in to get the home you desire.
In short, don’t get caught up in the craziness of the market and make a bad real estate decision. Search for that home here.