As real estate prices rise and demand far exceeds home supply, buyers may wonder about the right time to buy a home in the Hartford, Connecticut, area. Paying attention to trends provides some insight into the next steps for those planning to settle near the state capital.
Review these tips when searching for your next home in the hot Hartford residential real estate market.
Set your priorities
In a so-called seller’s market, you may need to compromise more than you would in a more buyer-friendly housing landscape. Clarifying priorities can help prevent regrets after you sign a purchase contract. Make a list of musts as well as items that are nice but negotiable.
Allow plenty of time
Patience pays off in a housing market with limited inventory. Avoid trying to buy a home when you have a strict time limit, if at all possible. Otherwise, you could end up selecting the best of a few so-so choices or paying more than the value of a property in a bidding war.
Consider conventional financing
In this market, many buyers struggle to obtain seller approval with unconventional financings such as a USDA or FHA loan. If possible, apply for a conventional mortgage.
Find the right team
An experienced real estate agent will have intimate knowledge of your target neighborhoods and the ability to help you craft an enticing offer. When you find a home, you’ll need to secure financing from a lender and obtain title insurance from a licensed provider.
Taking these preparatory steps can potentially reduce the stress of buying a home in a competitive market.