Three Tips For Buying a Home in a Seller‘s Market
If you have recently started your home search, you most certainly have realized the odds are stacked against buyers in the current market. We are currently experiencing what is called a "Sellers Market". Essentially, this means there are more buyers than there are homes available. Many times there are multiple offers on the same property and a back and forth bidding war begins.
While sellers may have the advantage, here are a few tips that can move the odds back in buyers favor and increase the odds of buying your new forever home.
Pre-approval is Paramount
Securing a mortgage pre-approval and including the pre-approval letter in your offer is essential. In this environment, sellers don't want to waste thier time on offers that may fall through from lack of financing. If the offer to buy is a Cash Offer, a Proof of Funds letter from the buyers bank should be included as well. We work with the best lenders in the business and will connect you to the best lender for your specific situation.
Choose an Experienced Agent
Having an agent with years of experience will be a fantastic benefit. In this market, agents with experience know how to communicate with other agents which can speed up the selling process and help during the negoation stages of your offer. Negotiation is how offers make it to the closing table. An experienced agent will guide you to remain on budget and make sure your offer is competitive. Experienced agents can effectively understand and predict trends in the area as well.
Personalize Your Offer
There are several ways to make your offer stand out among the others. In a traditional real estate market, the earnest money amount in typically 1% of the purchase price. In today’s market, sellers like to see higher earnest money deposits, which adds a sense of security to the offer. Waiving contingencies, a short due diligence period, and no special stipulations makes an offer stand out, as well.
Give us a call today to schedule your free Buyer Consultation!