Updated: Jan 5
Searching for your perfect home can be tough, but it can be even harder when the market is in the seller’s favor. For every offer you make, you could be bidding against multiple other buyers and it may be hard to stand out. In a seller’s market, it can feel like you are constantly having to overcome obstacles just to get an offer in on a home.
To help you survive in a seller’s market, here are a few tips:
Obtain Mortgage Pre-Qualification
Be as prepared as possible when you are putting an offer in on a home. Obtain pre-qualification for a mortgage so that you can show sellers that you have a serious game face and that you are able to meet your end of the deal in the sale. This puts you on a new level and gives you more leverage when negotiating with the seller. Mortgage pre-qualification will also give you insight into how much home you can afford, which can help you nail down the neighborhoods and homes you will qualify for.
Bring Your Paperwork
Show sellers that you are serious and that you mean business. When you’re looking for a home in a seller’s market, it is vital that you prove that you are capable of purchasing the home successfully. Show up with not only a pre-qualification letter, but let your real estate agent communicate your ability. The seller will want to work with you if they have tangible proof that you can purchase the home without the sale falling through due to financing.
Placing too many limitations on the real estate market will make it very difficult to find a home. You may need to take a look at homes that you may have passed on previously. Being more flexible in your home search can make the process easier. You may also have to compromise on price if you find a home that you love that is a bit out of your price range, because sellers are unlikely to lower the price if they have multiple offers.
You may end up purchasing a fixer upper and making it into your ideal home with all of the bells and whistles you could ever want or dream of. Being flexible is key in a competitive market as homes are selling quickly.
Be Available to Sellers
Timing is essential when there are multiple sharks in the water. You need to remain steadily available and open for communication with sellers and be prepared to make a move an offer in a moment’s notice. Respond as quickly as you can and follow up on any requests they have. You can also just follow up to get updates if you haven’t heard anything back from the sellers. Communication will help you build a relationship with your seller and can make a huge difference in your offer being accepted or not.
Have a Great Agent
Experience negotiating in a seller’s market is important. If you’re thinking about purchasing a home, please give me a call. I understand the nuances of a seller’s market and can help you navigate the waters with ease.