This is it. You’ve decided that you are finally ready to pull the trigger on the biggest investment you will make in life. After all the financial analyzing and curious conversations with other homeowners, you are READY to purchase a home! There is only one thing that stops you in your tracks. You find out your are buying in a seller’s market! Here are 3 tips to help you navigate the emotionally exciting, and nail biting season of buying a home in a seller’s market.
1. HAVE A GREAT REALTOR AND LET THEM DO THE WORK FOR YOU.
Your realtor is EVERYTHING in this transaction. He/she is the liaison between you (the buyer), and the sellers. A great realtor will use his/her network to find a house that matches your ‘must have’ list. This leverage in relationship could not only be the direct route to your dream home, but also your dream home negotiated at the right price. Don’t underestimate what a licensed professional has access to, or how they can leverage their experience and network to make the process seamless.
2. BE AVAILABLE AND FLEXIBLE
The tricky thing about navigating a sellers market is that properties are in high demand and go quickly. Once you have reviewed your ‘MUST HAVES’ with your realtor, your realtor will work his resources to match you to the right home. In doing so, he/she will require you to open your availability so that they can set appointments and walk through open houses. Timing is crucial, because in a sellers market, there are more buyers than sellers. Decide to get to showings and open houses quickly after they are listed. If you love it, make an offer as soon as possible.
3. HAVE YOUR FINANCING IN ORDER SO THAT YOU CAN PUT IN A STRONG OFFER
You have your realtor in place, and you spend your evenings and weekends visiting new listings and open houses…and suddenly BOOM, there it is. The gem you have been looking for! Not only is it a gem for you, but potentially for several other buyers too. This can seem discouraging when you experience walking through the house while several others are ooooing and ahhhhing at the same features. The key is to have your realtor prepare an offer that sets you apart. A big piece of this pie, is ensuring your financing is in place. Submit a pre-approval letter from your lender, or clearly state you are paying all cash. This is one big contingency that will have a seller lean towards accepting or declining your offer. Certainly there are several other factors that would qualify the your offer, but ensuring financing won’t hold up this deal is a BIG one sellers won’t walk away from. When you are ready to buy your dream home, lets talk. I can update you on current market conditions, trends and customize an offer that will set you apart from the rest.