blog-8-16-17

Tips for Buying a Home in a Seller’s Market

ethangregory Real Estate Leave a Comment

Many of today’s buyers get flustered when trying to buy a home in the current market. With low inventory levels, historically low-interest rates, and a strong job market there is a lot of competition for homes. To avoid the frustration that goes along with the home buying process here are a few tips to help get your offer accepted for the home of your dreams.

  1. Make your best offer first.  If a home looks great and is priced well expect there to be other buyers out there seeing the same thing. Homes listed on the MLS are available for anyone to see across the world, so you need to be sure that when you make an offer you can beat everyone else. Don’t hesitate to make your offer the best you can do at the time.
  2. Get pre-qualified before looking for a home. The first step in the home buying process is to get pre-qualified for a loan. You’ll need to know how much you can afford and how much the lender is willing to give you. Plus, what type of loan you are going to use makes a difference on the price and condition of the home you can purchase. Having the pre-qualification letter in hand makes it easy to submit an offer too because it shows the Seller you are ready to begin your financing once under contract.
  3. Work with an experienced Realtor. It helps to have a knowledgeable person on your side to help with the home purchase. The Realtor can be your advocate to help navigate the search for homes, property inspection, financing and closing to name just a few things. The Realtor you choose can be a great asset, make sure that he or she is familiar with the community you are interested in along with the ins-and-outs of the home-buying process.
  4. Be prepared for multiple offers. It is not uncommon for homes in today’s market to have multiple offers within a few days of being listed. Be prepared to submit your highest and best offer for the home. Don’t get discouraged by other people being interested in the home of your dreams, if the home is great then other buyers will see that too.
  5. Price is not always the deciding factor between offers. Understand that just having the highest offer price may not get you the home. Have your Realtor call the Seller’s Realtor to find out what the Seller is looking for in an offer. Some Seller’s need extra time to move or want a quick inspection period. Having insight into what kind of offer the Seller would like to see can give you a leg up.
  6. Learn from your mistakes. Just because you did not get the first house you made an offere on does not mean you should give up. In today’s market it is common to have to make offers on multiple homes before one works out. Learn what did not work with your offer and improve on it next time. Ask your Realtor what items they would have recommended changing in your offer to get it accepted.

The home buying process can be stressful but with these helpful tips you won’t feel like you are walking in the dark and can find your dream home.

Happy House Hunting!

About the Author

ethangregory