The local housing industry is facing a classic seller’s market in which there is an extremely high demand for homes, but very low inventory. While it’s true that this makes the process of buying a house more competitive, it’s definitely not impossible. Read on for our top tips to set yourself up for success as a homebuyer in a seller’s market.
- Work with a Savvy Real Estate Agent
We cannot overstate how important it is to have a seasoned Surterre agent by your side in a seller’s market. Not only do our agents have industry connections that mean more off-market opportunities for you, but they also know how to negotiate and write a successful offer that will differentiate you from other buyers. - Get Pre-Approved
Sellers are looking for people who are ready, willing, and able to buy now — thus, getting pre-approved for a mortgage loan is an absolute must. This shows sellers that you are a serious buyer, and in a multiple bid situation, you will have the upper hand. - Make Your Best Offer First
Experts recommend making your best offer first to entice sellers to choose you as the new homeowner and prevent competitive interest. Making at least a list price offer dramatically increases your chance of getting your dream home on the first go-round. - Prepare for a Bidding War
If a quick listing price offer doesn’t take, be mentally (and financially) prepared to enter a bidding war for the home you really want. To get ready for this situation, consider only searching for homes that are listed at 90 percent of your maximum budget. This way, you will have extra funds if a bidding war ensues. - Offer Non-Price Factors
Non-price factors that need to occur for a home buying transaction to move forward are called contingencies — and some sellers will accept your first offer if you waive some of them. For example, you might consider waiving the financing contingency, limiting inspection to three to five days, and placing larger earnest money deposits to increase the likelihood of a seller accepting your offer.
To give yourself the best chance of obtaining your dream home in this seller’s market, contact your local Surterre agent today.
