William Pitt Sotheby's International Realty
Roni Agress, William Pitt Sotheby's International RealtyPhone: (203) 733-2656
Email: [email protected]

Tips for Buying in a Hot Market

by Roni Agress 02/09/2025

In real estate, a “hot market” refers to a market with lower inventory and higher demand. When the market is hot, there is more competition for property and this can make buying a home more difficult. If you’re trying to buy a home, here are some tips for how to navigate a hot market.

Start With a Broad Search

Keep an open mind in the beginning. While you might have a specific dream neighborhood in mind, don’t rule out other options. Browsing online real estate portals, local real estate websites and even exploring potential neighborhoods in person can help you get a better idea of what’s available. Keep your search for specific properties broad as well. Broadening your perspective can help you in a hot market.

Hire a Real Estate Agent

A buyer’s agent is essential in a hot real estate market. A good real estate agent can help you find listings as soon as they hit the market or even before. They can also use their expert knowledge to make you stand out against other buyers. Try contacting multiple options and maybe ask for personal recommendations from friends, family or colleagues to find a good fit.

Prepare Your Financing

Do your mortgage shopping early so that your finances are prepared for a quick decision when the time comes. Compare lenders to find the best rates. You may also want to consider getting preapproval from more than one lender as well. Preapproval makes a vast difference in whether an offer is considered because it shows the seller that you’re financially responsible and serious about the decision. Sometimes, sellers may even require preapproval to tour a home in person.

Expect Compromises

Unfortunately, you can’t always get your dream home in a hot market. Instead of waiting for the perfect property and potentially missing out on other opportunities, keep a tier list of priorities and consider looking for second-choice homes. If there aren’t any homes available that meet all of your criteria, consider which things you can do without or compromise on.

Be Patient

Navigating a hot real estate market can be frustrating. It's hard to find what you want and you may lose out on multiple great homes to other buyers even when you find them. The home buying process can last several months and feel as though it’s full of failures—however, it’s crucial to be patient instead of giving up on your plans or paying too much. Offering too much to “settle” on a house can leave you with serious buyer’s remorse and an empty wallet.

Keeping these tips in mind will help you find a great home, even in the hottest housing market. While it can be competitive and difficult, the more knowledge and preparation you have, the easier the process will be.

About the Author
Author

Roni Agress

Roni Agress brings to William Pitt Sotheby’s International Realty an accomplished and diverse history spanning three decades in entertainment management. Her experience, representing and assisting international performing artists and the administration of their production companies led to the establishment of her own firm in 1995. A passion for excellence, a strong work ethic and a commitment to getting the job done and an ability to anticipate, meet and manage is the foundation upon which Roni has built her career as a full-time realtor. As a resident of Redding, Connecticut since 1989, she possesses a detailed knowledge of the local markets, trends and values. Enthusiasm, vitality, resourcefulness and a can-do spirit accompany every transaction. Roni specializes in residential sales and relocation. She is an award-winning Realtor, an Accredited Buyer Representative and is Relocation Certified. • 2001 to Present – Sales Associate Ridgefield-Redding Brokerage • Gold Star, Silver Star, and Bronze Star Performance Awards – William Pitt Sotheby’s International Realty • #14 Company-wide in Units and #2 in Units in the Ridgefield Brokerage in 2013 • CT Magazine Five Star Performance Awards • 2011-2014 serving as a Director/Officer to the Ridgefield Board of Realtors