Get Your Perfect Home in a Seller’s Market
The real estate market can sometimes be tough for home buyers. Seasons change fast and before you know it, you find yourself seeking to buy a home in a seller’s market. In a seller’s market, it’s very difficult if not impossible to get the home you want fast because the seller has offers from multiple buyers. You need a good strategy to get the home you want at a good price in this kind of market. Here are a few tips to get you started.
A higher offer price
In a seller’s market, it’s common for home buyers to offer a price that is slightly higher than the seller’s offer price. This is because the home is priced well and many buyers have placed an offer. To get that home of your dreams, refrain from offering a price that is lower than the list price.
Some sellers will also be enticed by buyers who offer a larger earnest money deposit. With guidance from your real estate agent, you can choose to pay the seller a higher deposit at closing. Just make sure it’s an amount you can afford.
Avoid asking for favors
Remember, you want the seller to choose you amongst many other home buyers who have given an offer. The last thing you want to do is to start asking for the refrigerator or fixtures as part of the deal. If you really want the property and you think it’s a good deal, go for it without asking for additional favors.
Get pre-approved and have all the documentation
Sellers want home buyers who are half way through the mortgage process. You need to show the seller the preapproval letter and make sure it matches to the sales price. With this letter, the seller will perceive you as a serious buyer and is likely to accept your offer.
View the house immediately
Don’t wait to view the house over the weekend. It may be sold when you wait for so long. In a seller’s market, buyers are giving out multiple offers so you need to view homes as soon as you can. Most sellers want to see their homes sold quickly so they are usually willing to accept buyers to view it throughout the day.
Buying a home in a sellers’ market can be tough but if you are well prepared and present a clean and fast offer, you will certainly succeed.