6 Tips for Making an Informed Decision When Searching for Your Dream Home in a Competitive Market

Whether you need to relocate fast for a job or you are trying to find your dream home in a competitive market, being able to make an informed decision quickly is a vital step to not only finding your forever home but also ensure you avoid buyer's remorse if you have to make a decision instantly.

Here we take a look at 6 tips to guide you through this process.

Know your non-negotiables. 

Before you start looking at homes online or in person, we recommend that you make two columns. In the first, write down the must-have features. In the second column, list all the features that you would like to have, but could live without if the property didn't have it. Now that you have a list, you can use this as a guide to eliminating properties that do not fit your criteria and thus saving you time. 

Pinpoint your location. 

If you are relocating to an area you don't know very well, it would be wise to get the help of a local real estate agent (more about that later.) Use neighbourhood guides and ask co-workers at your new office for more information about an area.

In cases where you want to move to a new area, you need to pinpoint areas that you prefer and avoid those that you don't to ensure you are not wasting your time looking at homes in areas you don't want to live in.

Consider your lifestyle. 

Do you like to walk to nearby shops and cafes? Are you looking for a top-notch school district? We suggest prioritising neighbourhoods that fit your lifestyle. Check the walkability of a neighbourhood, public transport availability, commuting distances, HOA rules, and local amenities, because these will impact your life in the home. 

Pick an experienced agent. 

All agents start somewhere and if you have more time to choose your new home then by all means use an up-and-coming agent, but if you are pressed for time, using an agent that has been around for a long time with a proven track record that knows the area, is the way to go.

Experienced agents will also have connections with all kinds of services in the new area - from movers, cleaners, and the best place to grab breakfast on your first morning in the new neighbourhood.

Find an experienced real estate agent

Learn about your local real estate market. 

In a competitive market, setting up a Google alert for your local property market and tracking properties you like on a property portal will help you understand what prices are doing in the area you like. This will also help you understand what type of offer you can make on a property and how much you should have ready as a deposit.  

Get pre-qualified.

Getting a pre-qualification will help guide you in terms of what you can afford and thus help further narrow down what type of properties you should be looking at. It will also indicate to the seller that you are serious about making an offer.

Get pre-qualified and apply for a home loan

The bottom line? Making fast decisions is key, but making rushed decisions is not. Don’t rush, just make informed decisions and gather all the information you can. Then you’ll be happy for years to come.