There is no denying that the market is pretty crazy right now, and anyone in real estate or anyone who is currently buying or selling probably knows this to be true! The inventory is low making it a very competitive market for buyers. So, buyers are having to work a little harder while sellers are sitting back and enjoying the 20+ showings on their house. However, this shouldn’t scare anyone away if you are wanting to make a move. The approach just has to be a bit different, and lucky for you – your real estate agent should have that covered!
We want to give you some insights on how to win in a seller’s market:
1. Get Pre-Approved. This is SO important. Time is of the essence when it comes to a seller’s market, so getting pre-approved before you start looking is crucial.
2. Stay Alert. Again, time is of the essence. You’ll want to be on the lookout pretty much 24/7 for houses that fit your criteria. Unfortunately, you usually only have a couple days to go view a property before it goes under contract.
3. Forget the lowball tactics. If you are looking for a “deal” then this market probably isn’t for you. The inventory is low, and there are more buyers than homes for sale. Meaning, houses are typically going over asking price.
4. Establish price discipline. It is easy to get carried away in a bidding war. Establish your “max” and don’t stray away from that no matter how competitive you are.
5. Up The Ante. You and your agent can talk about ways to make your offer stronger. Higher earnest money deposit, no home warranty, and shorter closing date are just some of the ways you can make your offer stronger.
This is just a small run down of some of the ways your can succeed in a seller’s market. We know it can be intimidating and frustrating to say the least, but that’s where we come in! Having a strong, knowledgable agent in your corner is really what’s going to make a difference for you and your home buying process.
As always, if you have any questions or concerns please let us know. We are always happy to help in anyway we can.