Learning how to navigate this competitive home buying market is imperative if you want to succeed in finding and securing your future home.

1. Be prepared
Schedule a buyer consultation with a realtor to get you prepared for the home buying process. This step is so important, especially when working in a competitive market. The buyer consultation will get you prepared to face opportunities and challenges during this process. You both will also have a chance to set expectations to ensure a smoother and more enjoyable home buying process.

2. Partner with a trusted REALTOR®
According to the National Association of Realtors, “87 percent of buyers purchased their home through a real estate agent or broker.” Working with a realtor will provide you guidance to succeed in the home buying journey. A buyer’s agent works to protect your best interest. Find a trusted realtor who is skilled at negotiations and knows how to handle competitive offer situations.

3. Be attractive
Once you have defined what you are looking for and partnered up with a trusted realtor, get your pre-approval from a reputable lender who is able to close quickly in 30 days or less, if possible. If you are a cash buyer, get your proof of funds. Your realtor will be able to make some lender introductions, based on what you are looking for. Consider waiving certain, if not all contingencies, and using an escalation clause. Including a written letter to the seller about what this home means to you works like a charm.

4. Be flexible
When inventory is tight, buyers do not have many options to choose from. Therefore, it is advisable to remain flexible on what you are looking for in your next home. There is no perfect home. Also, a great way to make your offer stand out from the competition is to have your agent find out what terms the seller is looking for and meet those needs.

5. Be patient
The intense competition is due to the low supply of homes, accompanied by high demand. Interest rates continue to remain low, making it attractive for many consumers to purchase their next home. After viewing many homes and submitting several offers with no positive results can be very disappointing to buyers. Keep in good spirits and don’t lose sight of your real estate goals.

Elena Lau is an award-winning and recognized real estate broker in the Greater Boston area, specializing in residential and investment properties. She is the Broker/Owner of UNION Real Estate, a boutique real estate brokerage helping clients achieve their real estate goals. To reach Elena, connect via elena@unionrealestatellc.com.