You may think that trying to buy when it’s a seller’s market is tough…and it can be. But that doesn’t mean its impossible. There are just a few points to keep in mind.
BE READY! Do all your research beforehand to know what you must have…and can live without. In a seller’s market, there can be a false sense of urgency that may lead you to make a decision based on fear and not facts. Get your emotions lined up with your most important features and be willing to pass if those aren’t met. Yes, you may have to decide quickly, but you don’t want an emotional decision to be the wrong decision.
- Have your paperwork ready.
The more information you have at hand, the more you will be ready to make the decision quickly. Have your proof of funds and any mortgage pre-approval documents all accessible to show any offer you make is legitimate.
- Be aggressive…ish.
The sad part is in a seller’s market you can’t play hardball. But you don’t want to lay down. Your budget must still be held tight, but don’t be afraid to ask for what you need. This is one of those moments getting an experienced realtor like me on your team. We handle transactions like this weekly and are able to let you know when a deal is good…versus great…versus AWESOME!
- Don’t be contingent heavy.
Leaving ‘what-ifs’ is risky, but you may need to, to ensure your offer is accepted. Again, these kinds of issues are the ones realtors like me deal with regularly. We will be able to help you discern if a contingency is a deal-breaker or not.
- Search near and far.
Flexibility is key in a seller’s market. You may need to broaden your search a little further away from your target neighborhood. A seller’s market makes everyone compromise a little bit more. That doesn’t mean you shouldn’t try…it just means that those who keep their focus on the most important features will still be successful.
I hope this has helped! Seller’s markets create new challenges that require new mindsets. I would certainly love to help you find your next home! The nature of the real estate market is always changing. Good advice is timeless.
Let me know how I can help.
Real Estate Broker
Windermere Real Estate