Tip #1: Know Your Homebuying Budget
It can feel awkward to talk about money, especially if you’re not confident in your budget. But, when it comes to knowing what you can afford to spend on a home, a guesstimate isn’t good enough. A mortgage calculator can help you understand what your monthly payment could look like and what could fit comfortably into your spending plan.
If you want to know exactly what you could afford, I can help you get pre-approved* for a mortgage. This could give you a fuller picture of your budget and help your offer look better to sellers when they know you have the funds to back it up.
What You Need to Get Pre-Approved
Having your key financial documents ready to go when you apply can help speed up the pre-approval process. The basic documents you’ll need include:
- 2 years of W-2s or 1099s
- 2 most recent paystubs from the past 30 days
- Additional income records (Social Security, disability, child support, alimony, etc.)
- 2 months of bank statements for all financial accounts
- Copy of your driver’s license
Tip #2: Create a Buying Plan Before You Find a Home
It’s not uncommon for homebuyers to become emotionally attached to a home after the first showing. That’s why it’s important to have a buying plan in place so that when you find the right home, you are prepared to make an offer. A smart buying plan includes:
- Defined boundaries and priorities—list your non-negotiables and decide what you are willing to compromise on
- Preparing a strategy—understand how competitive your target neighborhood is by asking questions like “How often do homes get multiple offers?” and “What is actually getting accepted right now in my price range?”
Tip #3: Make Your Offer an Easy “Yes” for Sellers
When housing markets get competitive, things can start to move fast. And sellers aren’t just choosing the highest offer; they’re looking at offers that feel certain and easy to close. The best way to win a bidding war is to remove friction and make your offer easy to accept.
Start by meeting the seller on their timeline. This can look like asking if they have a preferred closing date or being flexible if they need extra time to move after closing. When your timeline fits their plans, your offer could become easier to accept with fewer hesitations.
Avoid adding anything to your offer that could give a seller a reason to hesitate. Extra requests (like including appliances), added conditions (like early move-in/possession), or asking for seller-paid concessions (like paying for repairs) could make your offer feel more complicated compared to others. Instead, focus on keeping your terms straightforward with clear and realistic timelines for inspections and closings.
The next time you go house hunting, don’t just go with the flow. Have a plan in place so that you can make a confident offer when opportunity comes.
*Pre-approval means credit has been pulled and an AUS has returned eligible. A pre-approval does not signify that underwriting requirements have been met. All loans subject to final credit approval and acceptable property. Conditions and restrictions may apply.
