A quick definition of a seller’s market, this is when the demand for homes exceeds the supply of homes. Currently interest rates are at a record low and many individuals are taking advantage of these low rates to purchase a home. Most are finding that the monthly mortgage payments on a home purchase are lower than they are currently paying in rent. This all equals LOTS of buyers. I have some tips I’d like to offer to buyers during a seller’s market.
Buyers should analyze their search area with their real estate professional well in advance, so that they can be prepared for the prices of the homes similar to their needs.
Buyers should be pre-approved. They need to be prepared to make an offer. The seller needs to see that they have prepared for this and have aligned themselves with a team of professionals to help complete the purchase.
Buyers need to make an appointment with their real estate professional as soon as a home goes on the market. Homes are selling at a rapid pace and if a buyer doesn’t jump to see it right away, the home will be sold before even getting to see it.
Buyers need to be ready to act. Once they have seen the home they will need to be ready to make that offer. If a buyer takes too long to decide if it is the “perfect” home they may miss out.
Buyers need to put their best foot forward. They should be ready to place their highest and best offer. When the demand for homes is so high with so little inventory they wouldn’t want to realize that they let the home of their dreams pass by because they were trying to haggle on the price.
Those are my tips for a home buyer in a seller’s market. My husband and I work with buyers and sellers daily and hope that you found this information helpful.