Many real estate markets around the country have shifted from a buyer’s market to a seller’s market. This means that there is a shortage of homes on the market in many areas, which is allowing sellers to capitalize on the situation.
Sellers are loving these market conditions, but it can be hard for buyers to purchase a home in this type of a market.
If you are looking to buy, don’t let the seller’s market stop you. Use these five tips to get into your dream house in 2017.
When you are looking for a house during a seller’s market you want to be ready to move fast. Take the time to get pre-approved for a mortgage. Speaking with a mortgage lender prior to searching for homes will help you know what kind of budget to stay in during your home search.
Sellers like to see that buyers have been pre-approved for a mortgage. If the seller has received multiple offers, being pre-approved could be the deciding factor in helping your offer rise to the top.
A seller’s market is not the time to think that you are going to negotiate the seller much lower than their asking price. During a seller’s market many houses receive multiple offers. That means submitting a low-ball offer could result in you losing the house altogether.
If you have found a house that you want, come strong with your best offer.
Buyers cannot be indecisive during in a seller’s market. Once you find a house that you want, you need to act fast. Determine what type of offer you want to make and submit it.
The longer you wait to “think about it,” the better the chance is that the seller will have already accepted an offer by the time you try to make one.
Bidding wars are becoming more popular with the shift to a seller’s market. The surplus of buyers in the market means that multiple buyers are falling in love with the same house. When you find a house that you like and have made a strong offer, you could still be involved in a bidding war.
Be prepared to raise your offer if you have room in your budget. However, make sure you don’t let your emotions push your offer outside of a budget you can comfortably afford.
You might not get the first house that you try to buy. Don’t let that get you down. Analyze the situation to see what you could have done differently. And know that sometimes there isn’t anything you could have done.
Learn what you can and don’t let it stop you from continuing your search.
It can be harder than normal to purchase a house in a seller’s market. It is important that you be ready to move quickly with strong offers. However, if you lose out on a house, remember that there will always be another. Don’t become discouraged. Learn and move on.