5 Tips to Survive a Seller’s Market
These days trying to find the perfect home can be challenging with such light inventory. Even when the right home comes available it can be stressful to act quickly. However, there are several things that you can do as you weather the seller’s market. Here are 5 tips to consider as you are house hunting.
Prequalification
Taking care of this step right away is always best. Typically one of the first questions that your agent will ask is if you have been prequalified by a mortgage agent. This will put you in the best playing field as all will know you are able to get a home loan.
Show you are serious
Getting prequalified for a home loan should be the first thing one does anyway. However, getting this step completed and having your pre qualification letter ready is the best thing you can do. Submitting a copy of this with your offer will help solidify your profile as being a qualified buyer. This will show the seller that you mean business and are financially sound.
Be flexible
In a tight real estate market like this, it can be wise to remain flexible. This means when submitting your offers on a competitive property, put your best foot forward and try to limit the amount of contingencies in the deal. Being more flexible will give you a better chance that the seller will want to continue negotiations with you ending with you being the winning bid.
Be readily available
With so many active buyers and so few homes available – time is of the essence. It is important to stay in open communication with your agent and respond quickly to follow up on any requests. Quick and clear communication will help facilitate the deal and show the sellers that you are serious.
Don’t play hard to get
In a seller’s market, it is not the ideal time to play hardball. If there are any other offers on the table and you show that you are not willing to budge, chances are the sellers may want to move on to the next offer. Be open to compromise so that you can show that you wish to keep the deal moving forward.