Firstly, it means that you will face competition for just about any property you have your eye on. It's important to understand that what will make your offer more or less attractive to a seller. Make sure you have a trusted real estate agent who can give you advice on this.
Get pre-approved for a mortgage. This is a great step in the right direction because you're setting yourself up for success. Your realtor can use that information to find you homes that you're already approved for so that when you find a house you like, you won't then have to wonder if you can afford it. This will save you unnecessary stress and worry during an already stressful time. Be sure to shop around and get multiple quotes from different lenders so as to negotiate the best price. A bank will often be willing to lend you more if you have a history of banking with them, but if you find a better deal don't be afraid to go back to your bank and see if they will beat the price and terms you found.
Rent out your property! If your previous home is taking longer to sell on the market, or your lease isn't up for another few months, take the opportunity to offset the costs of having two places by renting one of them out. You can do a traditional lease or an Airbnb type situation. Renting out a portion of your new home is also a great way to pay off your mortgage faster, if you don't mind having another person around. If this is something you're interested in, tell your realtor ahead of time. They will let you know which properties are best for having renters and how much to charge for rent depending on the market conditions for the area.
In a seller's market a real estate professional is a necessity when it comes to negotiation, navigation and overall success. If you do not currently have a trusted realtor give us a call or send us an email, we'd love to answer your questions.
Contact ~ Randy Hart & Ryan Thompson | Thompson Hart Real Estate Team | firstname.lastname@example.org or 905-808-3863