May Tips

How to Buy a Home in a Seller’s Market

So, you’re ready to buy that perfect home in a peaceful neighborhood with excellent schools and a short commute to work. Guess what? So is everybody else. We’re currently in a “seller’s market,” which means that more people are trying to buy a home than there are homes available. That dream home you’ve had your eye on is most likely somebody else’s dream home too.

Here in Nebraska, where unemployment is low, and the economy is strong, sellers have an even more significant advantage than most of the country. Homes are getting snatched up as soon as they’re listed, and many are going for more than the asking price. How can you compete with other buyers? We’ve put together a few steps you can take to help you get a leg up on the competition.

Be Ready Financially

Getting pre-qualified for a mortgage before you make an offer on a home is always a good idea, but in a seller’s market, it’s vital. It allows you to quickly make an offer on a home when it’s listed. Sellers love pre-qualified offers because it tells them that you can come through on your offer and that it will go smoothly and quickly. Stop into the First Nebraska Bank location nearest you, and we’ll work with you to get through this step.

Use a Reputable Realtor

A qualified realtor is your best friend when you’re looking to buy a home, especially in a seller’s market. They’ll help you find the perfect home in the ideal neighborhood. Your realtor will also help you through the buying process and make sure you get the best deal possible. Best of all? They don’t cost you a dime. The seller of the home pays them through a commission.

Do Your Homework

In addition to being financially prepared, you’ll benefit by doing as much research as you can in the neighborhoods you’re considering. Track real estate listings in your preferred areas and look for patterns. How long are the homes on the market? Do the asking prices change? How many homes are for sale? This research will reveal the housing trends in your potential neighborhoods and give you a better chance of getting the best home at the best price for you and your family.

At First Nebraska Bank, we’re not only your neighborhood bank, but we’re also your neighbor. We offer competitive rates and can tailor a loan just for you. We manage our mortgage loans locally, so your loan starts here and stays here. You’ll always have a familiar face to answer any questions you have.

Interested in buying and want to learn more about the pros and cons? Check out our FREE educational module on Considering Home Ownership.

Password Management: Keep Your Passwords Organized and Secure

Passwords are the bane of our existence, and with the number of logins required by employees to do their jobs, it can be overwhelming. While institutions are training their users on creating strong passwords, are any training their users on how to manage them? Using a (unique) memorable passphrase would be ideal for each login; however, remembering all those phrases or passwords gets exhausting after a while. Users will likely want to either reuse their passwords or write them down somewhere.

Training users to use a password manager such as KeePass, LastPass, or 1Password will hopefully get them to store their passwords in a place that is encrypted while not in use. Additionally, a solution such as these will come with a password generator, allowing users to create extremely difficult to crack passwords at the push of a button. All a user would have to remember would be their domain password and the master password to unlock their vault. This would be a vastly superior solution to, say, an unencrypted Excel spreadsheet saved to a user’s Documents folder.