Tips for Buying in a Seller's Market
Trying to find a home you love can be extremely frustrating, especially in a seller’s market. For example, you find a home that is “perfect” only to realize that it’s already under contract. Or, you make an offer on a home, but the seller rejects it or chooses a better offer. Although these things can be wildly upsetting, don’t get discouraged.
Using these tips for buying in a seller’s market will make you more appealing as a buyer, bringing you closer to finding – and buying - the home of your dreams.
Pick a Great Real Estate Agent
In life, you need a village. When purchasing a home, you need a real estate agent who knows their stuff as part of your village.
Real estate agents should not only be responsive and efficient, they should also have proven expertise in the neighborhoods of interest. They should also be in the know about listings as soon as they hit the market – or possibly even before.
Know What You Can Offer
In real estate, you’ve got to pay to play. To have a chance at winning, you’ve got to know just how much money you have to play with.
Getting pre-approved for a mortgage not only helps you know exactly what you can afford, but it also gives the seller confidence that the sale will go smoothly.
Imagine that you are selling your home and you get multiple offers. The offers from pre-approved buyers will most likely make it into the “good” stack, while the non-approved offers will be rejected.
In a seller’s market, you have to assume that multiple offers are being made on quality homes. Everything you can do to make yourself stand out and act fast brings you one step closer to winning out against the other offers and going under contract.
Money & Time Talk
At the end of the day, money talks, and time is money, right?
Obviously, you don’t want to pay more than a home is worth, but low-balling in a seller’s market will most likely be a waste of time.
Also, think of ways you can save the seller time and hassle, i.e. closing date flexibility, allowing the seller to leave some items that you may not want, etc. Even if your offer isn’t the highest made, being flexible about these details may make your offer the most appealing to the seller.
If you truly want the home, you have to make an attractive offer that shows you are willing to do whatever it takes to buy that home.
Don’t Forget the Offer Letter
Potential buyers often underestimate the value of a well-written offer letter when submitting an offer on a home. An offer letter is another way to stand out among other buyers and show the seller that you are serious about purchasing.
Compliment the seller on how well they have taken care of the home, and tell them how you plan to continue their legacy and take care of it, too. Your real estate agent can craft the letter for you or work with you to write an offer letter that includes all the necessary information and includes personal touches.
People are often sentimental when selling their homes, so knowing that they are leaving it in good hands could be a motivating factor that lands you the home of your dreams.
Need more help?
Contact us at Coldwell Banker Pryor Realty. Our agents in Chattanooga, Dayton and Spring City can help you find the perfect home, even in a seller’s market.