Covid-19 has resulted in an increased demand for housing across the country. Frisco, Texas is one of the most popular destinations for families relocating from California, Washington, Minnesota, New Jersey, New York, Illinois and other states. Thanks to record-low mortgage rates and work-from-home options, the housing market in Frisco has seen unprecedented demand. But buyers today require a lot of preparation in order to successfully buy a home in this market in Frisco. Here are a few tips for buyers trying to buy a home in Frisco in this competitive market with multiple offers presented to the seller for every sale.
1. Work with a reputable and an experienced Frisco buyer’s agent
An experienced Frisco buyer’s agent can make the process of identifying a home and getting it under contract in a strong sellers market with multiple offers easy. A good agent can come up with a strategy to submit a strong offer on your behalf taking into account your individual situation. A purchase contract in Texas contains various clauses that can be modified to make your offer stand out when competing with other offers in a multiple offer situation. Here is a list of some of the things that can be modified in a purchase contract in Texas when buying a home in Frisco.
As you can see, this list is extensive and a good buyer’s agent will know how to tweak these variables in an offer to get you under contract.
2. Be ready for long hours and multiple home tours when buying a home in Frisco
The housing market is very competitive and buyers should be prepared to look at homes as soon as they hit the market and submit an offer as soon as possible. Buyers should also be ready to look at numerous homes. The historically low inventory caused by uncertainty as a result of COVID-19 has generated fierce competition for homes in the Frisco market. Be the first one to make an offer on a home you like!
3. Be ready to pay above list price
Shortage of inventory is resulting in multiple offers for homes in the Frisco market. Buyers may be shocked to find out that it is not uncommon for sellers to receive up to 50 offers on a home for sale in Frisco today. This means that buyers need an experienced Frisco real agent who can provide them the “comparable” sales data so that the buyers can make an appropriate offer.
4. Be ready to roll up your sleeves after buying the home
Buying a resale home in Frisco is like buying a used car. The home will have a number of issues that will be listed by the inspector in the inspection report. These will include cosmetic issues, deferred maintenance issues, city code compliance issues etc. Make sure that you are ready to get the home inspected quickly and only ask for repairs if anything major like a hail damaged roof are found. You can take care of cosmetic issues and other minor issues after closing. Do not ask seller to fix small items if you want to win in this crazy market with multiple offers.