How To Buy In A Seller’s Market
Buying a home in a seller’s market may seem daunting, but it can be done! What is a seller’s market? Put simply, a seller’s market is when there are more buyers looking for homes than there are homes listed for sale. This certainly makes for a competitive market among buyers, but with the right strategy, you can step into it with confidence.
The right strategy begins with the right real estate agent. You want an agent that knows the area and the current market well. They can help guide you through the home buying process with ease and help you confidently and fairly negotiate. A good agent knows the risks and benefits of a buying strategy and can help you feel good about each step of the way.
One of the best qualities to have in a competitive market is flexibility. Securing your dream home may mean making some sacrifices and acting quickly. Being flexible on a closing date or allowing a seller to rent back for a week or two after closing may help your offer stand out among a sea of buyers with the same resumé.
Be ready! Any paper work, pre-approval, proof of funds, etc., should be completed before making an offer. If the seller is dealing with many buyers, they’re likely to make a move on a buyer who is ready to go, not one they have to wait for. By preparing, you show the seller that you’re serious about buying their home and are confident that you have the means to do so.
Be prepared to offer above the asking price in many circumstances. Multiple offer situations are having buyers make their best offer first, as you may not get a second chance. If you are in a position to make a cash offer, even better! Making a cash offer is even more appealing to a seller. A cash offer means fewer contingencies a seller needs to wait for and it proves that you are ready to buy and have the money to back it up. Rely on your agent for their knowledge of the market and appropriate offer prices.
Navigating through a seller’s market can be tricky, but I’m here to help! Call me today and we’ll get started on your search for the perfect home!
