Winning in a competitive market: 18 home-buying tips and advice

Know what you want before you start looking. That’s the best advice I can give anyone buying in a competitive market. When I bought one of my first houses in San Diego, I made the mistake of hesitating while running numbers and lost out to a faster buyer. I learned quickly that clarity and speed win deals. If you know your priorities (your must-haves, deal-breakers, and top price), you can move confidently when the right home appears. Competitive markets reward buyers who are decisive and prepared, not those still figuring out what they want mid-offer. I also tell people to keep strong communication with their agent. The best agents often hear about homes before they’re listed, and being first in line can make a big difference. In real estate, timing is everything. You can’t control how hot the market is, but you can control how ready you are to act. Buyers who do that consistently find themselves walking into their new home instead of talking about the one that got away.

One thing I’ve learned in my 27 years of real estate is that relationships still win deals. In a competitive market, price is important, but trust often carries more weight than people realize. Sellers want to know that the deal will close smoothly, and that confidence usually comes from the reputation of the agent presenting the offer.

In my case, being a lifelong Lansing resident has made a difference. In 27 years, I’ve built real relationships with local agents, lenders, and community members. When our team at Jeff Burke & Associates submits an offer, other agents know we have done our homework and that our buyers are prepared. That familiarity and professionalism often make our offers stand out, even when we aren’t the highest bid.

At the end of the day, real estate isn’t just about contracts and numbers. It’s about people who want to feel confident in who they’re working with. Building that trust over time is what consistently helps our clients win in tough markets.

Competing with other buyers in a competitive market can be daunting, expensive, and fraught with emotions. The one piece of advice I always give my buyers when they are competing is to write their very best offer. That includes the best price they can do, the highest amount of earnest money, the tightest deadlines, and the best terms they can offer the seller that also meet their own needs. I have found in my career that if we do our part to the best of our ability, the universe will do the rest. If you write the very best offer that you are able to, if it is meant to be, it will be chosen. If not, it wasn’t meant to be and there is something better that will pop up before you know it.

As a very logical person it feels silly to type this out, but in all the years I’ve been doing this I’ve seen it play out time and time again. Once, for example, I had a woman miss out on a house that she loved. She wrote a great offer, but couldn’t compete with another, higher cash offer. She was devastated. We talked about this principle and a week later another house came on the market that was even better than the one she lost. She wrote another great offer and now makes that house her home.

When you’re buying in a hot market, one tip that always pays off is getting your finances locked in before you even start looking. Buyers who are fully pre-approved and have their budget nailed down get taken more seriously by sellers, and it shows you’re ready to move, not just browsing.

When I was buying, having my loan officer lined up and proof of funds in hand gave me a huge edge. The second I found the right property, I could make a solid offer with zero delays.

Another strategy that worked for me was deciding early on what I was willing to compromise on. In a competitive market, you can’t chase perfection because you’ll lose to faster, bolder buyers every time. I focused on homes that checked my key boxes but needed minor work. That let me stay aggressive on price while others got caught up bidding on turn-key listings.

At the end of the day, you win in a hot market by being prepared and decisive. The best deals go to buyers who know what they want, act fast, and give sellers confidence they’ll close without drama.

For me, one of the best pieces of advice I can give to anyone buying a home in a competitive market is to be prepared and act fast, but stay strategic. Too many buyers lose out because they hesitate or overthink when the right home comes along. Preparation is everything; that means getting fully pre-approved (not just pre-qualified), understanding your budget, and knowing exactly what you’re looking for before you start touring homes.

From my experience helping buyers in highly competitive Southern California markets, the clients who win are the ones who move with confidence and have strong communication between their lender and agent. When I personally faced multiple-offer situations, what worked for me was writing a clean, strong offer with flexible terms; sometimes it’s not about offering the highest price, but about giving the seller confidence that the deal will close smoothly and on time.

One technique that worked for us in buying a home in a tight market was being flexible on the seller’s timeline. We spotted a place we loved while we were looking at homes, but the people who owned it couldn’t find what they wanted next. We provided a rent-back agreement to allow them some time in the home after closing at nominal rent. That was a tremendous advantage for us without having to go up in our offer price. Sellers are frequently managing their own stressful moves, so taking that pressure off can help your bid feel more like a partnership and less adversarial. When times are volatile, sometimes terms matter as much as money.

One important factor when purchasing a home when the market is competitive is getting pre-approved for a mortgage before you even start searching. This signals to sellers that you’re well-prepared and have the money, which can give you an edge over other bidders. During the time I was in a similar position, that pre-approval letter is what saved me and caused my offer to be chosen over others and also sped everything up considerably. It also enabled me to make confident and quick decisions when the right home finally became available, which is a necessity in a fast-moving market.

My best advice here is mostly about what NOT to do. It can definitely be tempting to be aggressive in a tight market. If you make a high offer, include escalation clauses, or waive contingencies, you definitely have a better chance of your offer being accepted. You also have greater financial risks. Going even a few thousand dollars over budget on your home purchase could translate into tens of thousands of dollars in extra mortgage costs over the life of a 30-year mortgage. Waiving the home inspection is a great way to get a home that needs serious repair work, which you may not be able to afford.

One of the recommendations I always give homebuyers in a competitive market is to try to look past superficial finishes and instead focus on structure and layout. I’ve witnessed too many buyers get so caught up in trendy kitchens or new paint jobs that they fail, big time, to see the money-pit severity of these dollar-draining defects lurking beneath. So when I bought my first home, good bones were what I was after: solid foundation, proper drainage, quality framing and all that stuff, even if it left a lot to be desired aesthetically.

That decision is what saved us from all the unexpected costs and allowed us to remodel on our own terms. In hot markets, homes that are in need of cosmetic updates can be less competitive and offer better long-term value. Solid shell construction provides you with a little wiggle room, after all, while fancy finishes can conceal real issues.

My best piece of advice to someone buying a home in a competitive market is to be prepared before entering it. Being prepared provides you with strength in a rapidly changing environment. Homes are selling quickly, so if you do not act quickly on a house, you may miss out on the opportunity to purchase it. Prior to making an offer on a house, you should determine your exact budget and what type of property you wish to purchase. So, when you find a house that meets your criteria, you will be able to submit an offer immediately. This will provide sellers with the confidence that the transaction will close without any issues.

Staying organized and remaining calm during the purchasing process helped me. I had everything documented, inspected, and financed prior to closing so there were no delays or lost opportunities. I made long-term decisions based on structural integrity, maintenance, and location versus short-term, superficial features such as curb appeal. This allowed me to purchase a home that has retained its value and been practical for years to come.

It is always a smart move to be financially prepared before you start looking at homes for sale in a competitive market. Housing sales are rapid in such markets. When I was planning to buy a house in Mumbai, the first thing I did was get pre-approval for a home loan. I also kept all the paperwork and necessary documents ready beforehand. Therefore, once I discovered a property I was interested in, I could promptly make an offer. I did not waste much time on home loan applications or documentation as I was already all set. Another crucial piece of advice for homebuyers is to research the competitive market in question well. Take a look at upcoming infrastructure projects, recent sales, local area trends, etc. This will give you a clear picture of the price range in the location. Thus, it will help you negotiate better deals!