Tips to Keep from Overspending in a Hot Housing Market

Share this:

MINT HILL, NC – You can easily overspend when you feel desperate in a hot housing market. However, if you have the right plan, you can avoid breaking the bank. Let’s look at some of the top tips you can use to keep from overspending in the current hot housing marketing.

Tip #1 – Have a Plan

Before you start hunting for the right house, have a plan. Do some research and talk to a top Mint Hill real estate agent to ensure you know what to expect. With the right plan in place, you’ll be less likely to overspend, no matter how hot the market becomes.

Tip #2 – Be Willing to Walk Away

A big part of avoiding overspending is a willingness to walk away. If the bidding war gets too hot and the price goes too high, move on. Sure, it might have been the perfect home, but there are others.

Tip #3 – Set a Real Budget

Often, buyers will use their pre-approval amount as their budget. Some lenders approve you for more than you really should spend. Make sure you look at your actual budget and know what you can spend based on your expenses, not your pre-approval.

Tip #4 – Only Look at homes Under Your Budget

During this hot market, you will likely enter into a bidding war. If you look at homes you can barely afford, you have no room to offer more, if necessary.

Looking at homes for sale under your budget gives you some room. Since many homes are selling above the listing price, you need to have some flexibility to make a very strong offer.

Tip #5 – Choose the Right Lender

Don’t just choose the first lender to approve you. Shop around and compare different lenders to ensure you have the right one for you. Some work better for first-time homebuyers than others. Establish a solid relationship with your preferred lender and commit to them to get the deal done.

Overspending leads to a higher mortgage payment and buyer’s remorse. You want to avoid overspending by using these tips when searching for homes for sale in Mint Hill or the Greater Charlotte Area.

I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me.  I will help you make the right move! Anna Granger (704) 650-5707 | |

Share this: