Buyer Tips for a Seller's Market
If you are looking to buy a home, then you already know that it is a tough market right now for buyers. Homes are selling fast and there are more buyers than there are sellers. That means if you find a home you love that hasn't already sold, it probably will sell soon and will most likely receive multiple offers. So how can you, as a home buyer, find and buy the home of your dreams in this crazy market?
While there are no guarantees, here are a few tips that can help.
1 - Get pre-approved. This should and probably does go without saying, but if you aren't already approved for a loan, why would a seller take your offer over others who are? When a seller has multiple offers, they get to choose the one they believe has the best chance of closing and being pre-approved is a must-have first step.
2 - Get instant notifications when homes come on the market. When homes are selling as fast as they currently are, you can't wait a day or two to find out about a new home that hit the market. If you do, chances are they already have 2 or 3 offers. What you need, is a way to be instantly notified when a home that matches your criteria comes on the market. Guess what? I can set that up for you! Once we meet and talk about your needs and what you are looking for, I can set up a home search that notifies both of us instantly as soon as a match comes on the market. Then we can schedule a showing and, if you decide to, put in an offer.
3 - Hire a REALTOR® who moves fast. Not all agents are created equal. In this market, you need an agent who is tech savvy and able to stay on top of the market. You need an agent who can meet you in a timely manner and won't waste time getting an offer submitted. You need an agent who understands that time is of the essence in a hot market. You need an agent who would write a blog giving you tips to help you buy your next home. (If you didn't get that last part, that agent is me.)
4 - Be ready to make an aggressive offer. It's important that you realize that it is a seller's market and that you are competing against other families who also want "your" home. This is not the market to low ball an offer. You need to be ready to come in with your best offer. It is also important to know that the highest price doesn't always win. Can you close in 14 days instead of 30? That could be important to a seller who needs out right away. Do you have an all cash offer? If so the seller knows the offer won't fall through due to financing. An aggressive offer is one that stands out above the others. A good agent can work with you to determine what will make your offer stand out. Have I mentioned I am a good agent? :)
Buying a home in the current market can and most likely will be a stressful experience. Hiring the right agent can help take a lot of the stress away. What you need to realize is that people are buying homes today. Buying a home isn't impossible, it is competitive. And in order to compete, you need to be prepared with all the tools and a good agent on your side who can get your offer accepted.
If you are ready to buy a home, call me.
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