In a Seller’s market, homebuyers must be willing and able to act fast to snag the home they want.
To help buyers succeed, realtor.com created a cheat sheet for surviving a seller’s market –
- Be on call, “if your’re only looking now and then when it is convenient, you’re probably wasting your time. It is suggested that you treat your house hunting like job hunting. If someone calls with a lead, follow up promptly to gauge whether it could be a good fit and don’t linger.
- Bring the paperwork. To be taken seriously, buyers would be wise to contact your bank for a letter stating you have “Proof of Funds” (at least enough to cover down payment) and/or contact a mortgage broker for them to get pre- approval letter. Then you will be able to act quicker when you do find the right house.
- Limit the contingencies. In a seller’s market, buyers may need to drop some of the contingencies to score the house sellers prefer the fewest number of hurdles as possible so they can close quicker. If buyers come in with numerous contingencies, sellers will probably be inclined to pass on your offer. Also don’t waste your time “lowballing” the seller. Always put in an aggressive offer!
- Cast a wide net. Search for homes outside prime locations if faced with limited or high priced homes. Buyers need to carefully consider what they are willing to compromise on. Sometimes properties sit, even in a sellers market because there may be some work that needs to be done. Some renovation work that may need to be done can cut down on the amount of competitions you will face. So this could be a good thing!
If you are someone you know is in need of real estate advice, please do not hesitate to contact me.
Donna Bishop Realtor phone 239-560-3149 or email; firstname.lastname@example.org
Thanks for reading and I hope to be talking to you real soon.