5 Tips for VB Homebuyers

To everyone trying to buy homes in Virginia Beach, stay strong! With Virginia Beach
experiencing one of the highest bidding wars in the country, yes, the entire country, there is
sure to be some upset. Do not fear though as we are here to help tip you in the right direction!
According to Redfin, Virginia Beach is ranking number eight in the country with 75% of offers
facing highly competitive bidding wars.

Though the military population influx weighs heavily on the market, do not be discouraged.
There is a house out here in Virginia Beach just waiting for you to make it your home.
It is no secret that the inventory in VB is lower than the demand so you will find yourself
competing with more people for the same home. Here are some important tips for homebuyers
looking to finally make their dream home a reality.
Be thorough; know the ins and outs

With demand being so high, make sure that you are cognizant of every detail pertaining to the
transaction and process. Your agent should walk you through everything thoroughly and
explain everything in detail. However, if they do not, you should prepare yourself.
Know the type of loan you are going to use, how much you are willing to offer, and ask
questions about inspections. That way, as the home buyer, you are analyzing everything from
point A to B about the offer. You should never submit an offer just off a whim and not know the
nitty-gritty.

Pro Tip: turn in your documentation for the offer early to show the seller just how ready and
serious you are about buying their home.

Show the seller WHY they should choose YOU!

Aside from the money, sellers have ulterior motives when choosing their buyer.
Some sellers want a cash offer. Others may need a longer amount of time to move out. While
some want a quick closing, or just want to feel a genuine connection or feeling about a buyer
since it may be a home that holds a lot of intangible value to them. With all these reasons being
said, if you have the means, an earnest money deposit would never be a bad idea to really put
your offer over the top. An earnest money deposit (EMD) shows just how eager and committed
you are to purchasing their home.

Pro Tip: Appealing to the seller’s specific needs may help you stand out amongst the other
offers and really beat out the competition.
Good things come to those who wait

In this highly competitive market, many buyers will jump on the first home that only checks
some of their boxes. This could lead to buyer’s remorse down the road. We want to avoid that.
When looking at houses the moment they hit the market, you may be setting yourself up for
heartache. Waiting a week may not be such a bad idea. Pumping the brakes on the need to put
in an offer letter after the property has just been on the market for 24 hours, could lead to
some good fortune.

Pro Tip: The longer a house is on the market, the more buying and negotiating power you have.
Especially in this market. So, if the house is still there after a week, you may be able to obtain
more assistance than you would have if you had placed an offer immediately.
Choose the right agent

Shopping and ultimately buying a house is stressful. You want to be sure that the person you
trust as your agent works with you and alongside you, not just someone who is in it for the
paycheck.

With all the components and constantly changing details involved in buying a home, an agent
who is attentive, detail-oriented, driven, and organized is only going to take the burden and
stress off you. Make sure that the agent has your best interest in mind and only wants what is
best for you and your checkbook.

Pro Tip: Have your bank or mortgage entity vouch for you to a potential seller. This shows
serious interest in the home and could potentially set you apart from other buyers and
competing offers.

Don’t give up

This is huge. Just because your offer was not accepted does not mean your dream home is out
of grasp. In fact, Alexander Graham Bell said it best: “When one door closes another door
opens; but we so often look so long and so regretfully upon the closed door, that we do not see
the ones which open for us.” Shake off the rejection and contact your agent to open the next
door quite literally to your potential dream home for you!