Five Tips to Help Home Buyers Win in This Hot Seller’s Market
Admin
Published Date: 2023-11-15
If you’re tired of apartment rentals and ready to buy a home, you’re not alone. However, you’re also entering the market when it’s more uncertain than ever. Sellers are demanding, and inventory is low, which means many people end up paying more than they should or missing out on the home of their dreams.
If you don’t want to be one of those people, keep the following tips in mind.
Find a Great Realtor
The first thing you need in a market like this is a good real estate agent. They have industry expertise, access to the latest listings, and insider knowledge that can help you get a better deal or find out about homes before they hit the market.
A real estate agent will also be able to help you navigate making an offer and dealing with a potential bidding war, saving you a lot of stress and headaches.
Get Pre-Approved First
You can’t do anything if you can’t finance your home purchase. Therefore, you shouldn’t even consider looking at homes for sale until you’re pre-approved for a mortgage. There’s nothing worse than finding a great home and then being unable to get financed. And in this market, many sellers won’t even entertain offers from buyers who don’t already have financing in place.
Make Your Best Offer First
Many buyers want to start with a low offer and work their way up. That’s not effective in a seller’s market like this. You need to make your best, cleanest offer with the least number of contingencies. That will give you the best odds of winning the bid.
Offer Earnest Money
Earnest money is a great way to show that you’re serious. Also known as a good faith deposit, this is usually between 1-3% of the asking price but could go as high as 10% if you really want to guarantee your spot.
Watch Out for Cash Buyers
Investors and other cash buyers are clogging up the market right now, taking advantage of as-is deals and properties that need a little work without a lot of money. That can hamper the chances of homeowners getting the property they want. If you are competing against a cash buyer, there may be no way to win.
Final Thoughts
Buying a home in a seller’s market isn’t impossible. These tips can help you prepare and give you the best chances of success. And if you’re in between homes while waiting to buy, consider fully-furnished apartments for rent with short-term leases to save money for your new home.
