You've just found the perfect home. It's in a great neighborhood, the size is right, and its price is not beyond reach. There is one problem--everybody wants it! This is what a seller's market is like. Otherwise known as a "hot market" it is a situation where there are few highly priced houses in a market flooded by buyers. While this market favors property sellers, it can be a nightmare for home buyers. Our REALTORS® know that you should not give up on your dream home in such a market. All you need is a good strategy to beat the competition. Here are a few tips to navigate the seller's market.
- Get a great real estate agent
You are capable of negotiating your own deal, but you could make mistakes that will cost you in the long run. Hiring an experienced real estate agent like ours at Margaret Rudd & Associates to represent you in a seller's market will give you a serious advantage over the other buyers.
- Come pre-approved
Buying a home is a transaction between you and the seller. Give the seller confidence that you are a serious buyer by obtaining loan pre-approval before you place an offer. Pre-approval demonstrates your financial ability to afford the home. This assures the seller you are serious about acquiring the property.
- Be flexible
In a seller's market, property listed today could be history tomorrow. As a buyer, you have to be very flexible. You should always make time for showings whenever listings become available. After seeing a home you think is the right one, you can make an offer on the spot.
- Make your offer more attractive
An attractive purchase offer will stand out from the rest. One smart move is offering an ample deposit. This demonstrates you're serious about buying the property. You can also make it easier for the seller by agreeing to their terms. Working with the seller's schedule keeps them at ease and shows your level of interest.
- Work with the seller
In a seller's market, you are not in the driver's position. Compromise is the key to success in a seller's market. It is also critical that you communicate in an open and timely manner. Communication builds rapport and trust with the seller. This can determine if you will get a great deal for the house of your dreams.
It is easy to get caught up in a seller's market. Everything seems to move too fast. You will encounter stiff competition, but it's crucial that you exercise patience and focus on your goal. With the help of an experienced REALTOR® and great tips like these, you'll be moving into your dream home in no time at all. Contact us at Margaret Rudd & Associates to get started today.