5 Critical Tips For Buying In A Seller's Market

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5 Critical Tips For Buying In A Seller’s Market

In many areas quality homes are being sold almost as soon as they’re listed and usually at asking price. This would describe the conditions of a typical sellers market. Even though a seller’s market does not favor buyers you still have several options at your disposal. Finding and purchasing your dream home is still possible in this market all you need is the right attitude and some expert advice. So don’t be discouraged by these conditions, instead you should be smart and act swiftly.

Give Them A Good Offer:

If you have a mortgage pre-approval then you know how much you can afford to offer a seller and what sort of home you should be looking at. When you’re making an offer, start with the very best offer you can afford, hopefully that will be at or above asking price. If you’re a few thousand off that’s okay but you know you gave the seller something worth considering.

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Make A Large Earnest Money Deposit:

If you’re trying to secure a sale show the seller that you’re serious. Offering a large earnest money deposit is one way to do this. A wise seller knows that there are buyers out there who could take forever to close on the deal. If you show you’re eager and willing to close then they’re more likely to choose you.

Include A Personal Note:

Sellers are humans too and probably have some sense of sentimentality attached to their home they’ve probably owned the home for years or may have grown up in it. If you really want to stand out from other buyers try including a personal note in your offer. Share your goals, dreams and ambitions about the home that the seller will relate to. Like your desire to start a family, grow old, see your grandchildren grow up etc. Small nuances like this could work in your favor and give you the competitive edge over other buyers.

Be Committed To Finding The Right Home:

Before you  start looking at homes you need 3 things 1. A Budget 2. A List of Must Haves for the home and Neighborhood and 3. A good realtor. Having these 3 things will help you stay committed to finding the right home. In a sellers market it’s also important to check out new listings everyday and be sure to view before you make an offer. That way you’re seeing the best stock as soon as it’s coming out and you’re showing sellers that you’re serious about buying their home. Avoid making offers based on pictures alone, make it a point to view homes as soon as possible and be prepared to make an offer when you find one that meets your needs.

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Keep An Open Mind And Be Patient:

A seller’s market can be frustrating for buyers – so try to stay patient. The right home is out there for you, just keep an open mind and don’t give up.

A few sources & good reads: