Help for buyers navigating the sellers market –
Buyers are aware; property values are steadily increasing. Add that to the low inventory in our area and it becomes a “sellers market.” That’s great news if you’re a seller, but what if you need to buy a house? Here are a few simple suggestions to help buyers in a sellers market:
- Before you jump into buying mode, figure out a budget you can live with and take care of any financing you’ll need. If you’re getting a mortgage, get pre-approval taken care of. This is good advice in any kind of market.
- Separate your “wants” from your “needs.” This is good advice for life in general. Look at your “buyer needs” like items that you couldn’t fix later. For instance: the size of a yard or located close to a specific school or certain school district. Wants are things you can upgrade once you’ve closed the deal.
- Work with a real estate agent. In a sellers market, a real estate agent can make the difference between an acceptable offer and an stream of unaccepted bids. Nobody
likes that kind of disappointment…
- Let your real estate agent help you design your offer. “Low-ball offers” might work in buyers markets, when there’s plenty of inventory, but won’t in a sellers market. Make reasonable offers – close to the asking price, with minimal contingencies. Sellers with multiple asking price offers,usually take the ones with the least amount of hassle.
- Be prepared to make a decision – quickly. This is where knowing what you can really afford, being pre-approved for financing and knowing what you absolutely must have comes in. The more concrete decisions you make before you make an offer, the more quickly, you’ll be able to put in that winning bid! Afterall, you don’t want to be the kind of buyer who makes a great offer and then has to scrounge up some ridicules reason to back out of it. Avoid buyer’s remorse by having a clear vision of what will work for you.