How To Beat The Competition In A Hot Housing Market
Louisville is one of the hottest real estate markets in America. Many of the homes in the area are selling at or above the asking price and staying on the market for an even shorter period. This has greatly limited the available inventory of for-sale homes. If you’re in the Louisville market to buy a home, you’ll most likely be facing increased competition and bidding wars.
With hot market areas in Louisville like St. Matthews, Germantown, Schnitzelburg and parts of the Highlands facing increasingly low inventory levels and 10-plus-year highs in sales, finding your dream residence can be a challenge. How do you beat the competition in a hot housing market like Louisville?
According to Nerdwallet, getting a pre-approval is a ‘must’ in a competitive housing market like Louisville. Don’t even bother putting in an offer if you haven’t taken the time to get pre-approved. Sellers in a hot market are looking for more than just your offer amount. Most look for interested buyers who are ready to complete a sale.
When submitting an offer, include a letter from your bank stating that your lender has already underwritten your application and is pending appraisal. Before you even start making offers, make sure that your lender already has a hold on your financial documents....