Real estate agents give 4 tips for buying a home
With the difficult market for the purchase houses in the Peoria area, buyers can take advantage of all the advice they can get to land their dream home.
The Journal Star spoke to three local real estate agents for advice on navigating a low-inventory market.
1. Do your homework
With the fierce competition, it’s more important than ever for buyers to have a game plan before they even start looking. Figure out what you can afford and how you’re going to pay for it, said Suzanne Monen Miller, real estate agent for Peoria. And if you are planning to sell your home, know where you are going to land as it could sell out extremely quickly.
2. Configure alerts on new announcements
Buyers should set up alerts on their favorite apps or with their real estate agent so they see new listings as they hit the market, agent Mark Monge said.
âWhen a house comes on the market, you know it and you can get it right away,â he said.
In a market like this, wasted time can lead to lost opportunities.
âWe have listed a house (recently); we had seven visits on the first day. A couple who were very interested in her had to wait and check with her parents to see if their parents would approve her, and by the time the parents approved, we already had two offers on it. So it was on, âsaid Monge.
3. Be prepared to bid quickly
When looking at homes, Miller tells her clients to bring everyone involved in the decision, as chances are they won’t get a second look.
âThis might be the only time they can see the house because they sell out so quickly,â she said.
4. Be creative to win the auction
While homes sometimes sell for more than asking, it’s not always the money that wins the auction, said Peoria’s real estate agent Linda Kepple.
âWe suggest buyers work closely with their real estate agent and discuss the strategies they want to use,â Kepple said. âTheir agents are trained in multiple offers, different strategies that they can use that will give them leverage to possibly have the best opportunity to get it. And you never know what that leverage will be.
âThese agents need to talk to the listing agent to see what is most important to the seller – is it the price? Is it the date of sale? We had two incidents last month where the buyer wrote a letter that was included in the offer to A buyer came up and knocked on the door, which I’m not suggesting at all, and the seller actually chose the offer because he just felt a warm feeling for the buyer’s situation.