How To Buy In a Seller’s Market
Here’s how you can prepare to buy a home and be more competitive.
Buying in a seller’s market can be, in a word, challenging. It can feel overwhelming, and the competitive situations can be exhausting. Don’t get discouraged. The right amount of preparation will help you make all of the right moves.
So you’ve decided to buy a home and have started your search online. No matter where you’re looking, listings are few and far between, and when they do come onto the market, they don’t stay up for long. Due to this, it’s important to act quickly if you find a home you love, and having a real estate agent will give you an edge in our fast-moving market. You’ll be able to tour homes promptly and operate with strong communication.
“Being prepared makes the biggest difference in whether or not you succeed in buying a home.”
You may only have a day or two to get your offer submitted before the deadline. Being offer-ready means having all the paperwork, like mortgage pre-approval and proof of funds, ready to go ahead of time. Keep your offer simple. Most offers include contingencies that sellers see as potential places for the deal to fall apart. Limiting or removing them can make your offer more appealing, but be careful not to put yourself at too much risk.
Finally, the offer price is the most obvious factor to set yourself apart. Money talks, and sellers are likely to be moved by bigger payoffs. However, don’t stretch yourself beyond your means to achieve this.
Being prepared makes the biggest difference in whether or not you succeed in buying a home, so if you’re looking to buy, start getting ready today. If you have questions about how you can prepare or anything else related to real estate, feel free to give us a call. We’d look forward to hearing from you.