Tips for Buying in a Sellers Market
Buying a home can be a daunting process. It is especially difficult in a hot sellers market, like the one we are currently in. Between multiple offers, bidding wars, sale prices increasing, it can be easy to be overwhelmed. Buyers have to be willing to go the extra mile and do what it takes to stand out. Check out the tips below to develop the best possible offer and to win the bidding war.
1. Be Ready to Move Fast
Time is of the essence! Homes are going under contract within a few days of being on the market. If you wait until the weekend to check out the property, it could be too late! If something caught your interest, be ready to see it as quickly as possible!
2. Get Pre-Approved
Getting pre-approved is a critical step. When you are initially stepping into your search process, meeting with a lender who pre-approves you will help lay down the parameters of what your realistic budget is. Additionally, submitting your offer with pre-approval shows sellers that you are a serious homebuyer and can secure the mortgage.
3. Keep your Offer Clean and Make it Strong
Adding contingencies and other special requests can be a turn off for sellers when homes are selling so quickly and they are receiving multiple offers. Keep it simple and concise- you can always make cosmetic changes down the line. Come in strong, avoid extra contingencies when possible and put your best offer forward.
4. Put Down Larger Down Payment or Earnest Money
Any time you are able to showcase that you are in a good financial position, you should do so. You want to prove you are a serious buyer and capable of meeting the financial expectations of the purchase.
5. Find the Best Realtor
There are many buyers out there looking for their dream home. Finding a professional, knowledgeable, and persistent agent that advocates for you and structures your offer in a way to most likely be accepted can make or break your buying process.
Buying your dream home doesn’t have to be challenging or overwhelming. Contact me today to get your home-buying process started and get your offer accepted!