Most people will search for 30-60 days before they can buy a home. If this doesn’t fit your timeline, you may need to get organized and develop a process to buy a house faster.
Miami is especially known for its competitive real estate market, so it can be difficult to get the timing right. Understanding how to buy a house quickly will take organization and preparation.
We’ve put together seven simple tips so you can secure your dream home in Miami as soon as possible.
1. Get Help to Understand How to Buy a House Quickly
The first step is to hire a real estate agent. Even if you think you can do it on your own, a real estate agent will have more knowledge about Miami real estate. When you provide your timeline, they’ll be able to help you find a home as soon as possible.
Before you hire an agent, be sure to read reviews and try to find as many honest testimonials as possible. You’ll need to make sure the agent can meet deadlines and truly knows Miami neighborhoods like the back of his or her hand.
If you find the right agent, you can sit back while they do most of the heavy lifting. Otherwise, searching on your own can be as time-consuming as a full-time job.
2. Understand the Miami Real Estate Market
As of 2019, the Miami real estate market has been trending upward since 2011. The median price for a home was about $337,000, which was about 5% higher than the median price in 2018.
Experts say the prices will continue to trend upwards, so this may not be great news for your budget However, Miami is currently in a buyer’s market with a high inventory of homes for sale. A buyer’s market means that you’ll have more power to negotiate prices since you’ll have more options to choose from.
Keep in mind that when you’re looking to buy a house quickly in Miami, you may not always have time for negotiation.
3. Get a Mortgage Preapproval
One of the best tips to buy a house quickly is to get a mortgage preapproval. When you’re preapproved for a mortgage, the lender will give you a preapproval letter that you can show to sellers. A preapproval is not a promise or a done deal, but it shows you have your financials in order and may make you a more competitive buyer.
To start the preapproval process, you’ll need to gather your credit reports and a variety of other financial documents. Usually, lenders will need to see pay stubs, bank statements and tax returns. Being prepared and gaining a preapproval early in your house hunt can help speed up your process overall.
4. Determine Your Priorities
It’s easy to waste time looking at a wide range of houses. If you want to buy a home quickly, determine your priorities in advance. Think through all the common features of a home to develop a list of needs:
- Square footage
- Yard space
- Natural light
- Renovation potential
- Ratio of bathrooms to bedrooms
Your list should be unique and specific. The more you can think through in advance, the less time you’ll waste touring homes that don’t fit your requirements.
5. Develop a Schedule and Timeline
To buy a house quickly, you’ll need a set schedule and timeline. If you’re working with a real estate agent, you should provide solid deadlines. If you’re searching on your own, you may need to have open availability.
The more time you’ll have in your day, the easier it will be to cut through the competition and make progress with the houses you like. Furthermore, it’s important to be readily available when you’re getting closer to closing on a home. At this point, you’ll have paperwork to handle and may need to answer questions from the seller.
6. Know Where to Search
Before you search for homes, talk with your real estate agent or perform your own location research. To start, you’ll want to look in areas where a lot of homes are for sale. These areas will have more opportunity, and you won’t need to spend as much time searching.
You’ll also need to schedule tours that align with your priorities. If you have a family, you may want to look in neighborhoods like Coconut Grove, Parkland and Pinecrest. Know which neighborhoods have great schools, low crime rates and prices that fit your budget.
7. Get Your Financials In Order
Getting your financial situation in order will help you speed up the home-buying process.
First, be sure to sell your home if that’s in your plan. Selling a home is a whole process in itself, so it can eat into the time you should be using for your search. Consider working with a Miami investment company that can buy properties for cash even through unique situations.
Next, develop a budget. Similar to your list of priorities, your budget will help limit the houses you view so you can save time on the homes that work for your price range.
Evaluate your savings and credit score so you can understand how much you can afford on a down payment and mortgage loan. Knowing your numbers will help you secure a mortgage faster and help you present as a more appealing homebuyer.
Close With Confidence
Following these seven tips will help you understand how to buy a house quickly in Miami. Keep in mind that the market is always changing, and it’s important to stay on top of the latest trends and news.
To close with confidence, prepare as much as you can before you begin your search. By the time you’re ready to submit a final offer, you’ll know you’ve checked off all your boxes.
Contact us today to sell your home quickly for cash and kick-start the home buying process.