Buying and Selling in a Hot Housing Market

Homebuyers in many areas across the country are finding it harder to compete in a seller's market. Don't be caught off guard if you're looking to own a home in a highly competitive real estate market.

One of the best ways buyers can help themselves in this situation is to get prequalified for a mortgage . This will establish a basic price limit, and can serve as a bargaining chip in closing negotiations.

However, if you find the absolute perfect home, be prepared to make an offer  that's over budget. While it might sting at first, keep in mind that there are always concessions to be made at closing time.