Buying in a Seller's Market

You might have heard the term “Seller’s Market” but what does that mean for a home buyer. A “Seller’s Market” simply means there are more people buying houses than houses for sale. What does that mean for buyers? Competition. Houses are priced a bit higher and buyers have to make quick decisions.

Here are a few tips to be successful in finding the perfect home in a Seller’s Market

Partner with a GREAT Realtor

That may sound obvious, but don’t go at it on your own. Homes move quickly in a seller’s market. Some homes have offers before the home official hits the public market. Your realtor should be looking for homes and ready to submit your offer quickly to get in front of the seller to beat your competition. Pick an experienced agent that is responsive.

Get Preapproved

Your Realtor should tell you this but get preapproved. Seriously! In a sellers market, financing can be the deciding factor that separates your offer from another buyer’s offer. It is important to know how much home you can afford before looking for home. To submit an offer quickly your realtor will need to know your finance position. So get your finances in order and speak with a lender about getting a mortgage.

Compromise

When inventory is low, you might have to compromise on things that you want. Make adjustments on you search criteria on things that you can change. In other words a home in the perfect location without all of the upgrades that you want is worth the investment.

Keep Looking

With homes moving quickly on and off the market, locating, touring, putting in an offer and having the offer accepted can feel like a competitive sport. The home you have been waiting for could come and go before your even know it was there. Now is the time to be ACTIVELY looking for a home. Be sure to review homes as soon as they become available to see if you are interested and when you are tell your agent right away.

No Low Offers

Unfortunately for buyers, now is not the time to negotiate a lower price. Don’t waste your time offering low ball offers. Unless the home is extremely overpriced the listing price is the starting offer. Talk to your agent for other strategies to get your offer accepted other than offering more money. This is where your expert agent’s skills come in to help you.

Wait

If waiting to purchase is a option, then pause your home search. There is no guarantee on when the home market will flip so it could be a while. If you are only casually looking to relocated, waiting to purchase a home may be right for you.