Buying A Home in A Seller’s Market
Buying a home can be challenging, and if you’re in a seller’s market, the challenges increase dramatically. If you’re buying during a seller’s market be sure you have an experienced REALTOR® assisting you and take heed of the following advice:
First, know what you want and what you can afford to pay. Letters from a qualified lender are key. Have proof that you have funds for earnest money, closing costs and a mortgage pre-approved.
When it comes to making an offer, don’t play games. Start with your best offer and realize that you may even need to offer more than the seller is asking.
If you want a seller to know you are a serious buyer, also offer to make a large earnest money deposit.
Keep your offer simple, by limiting contingencies… but also remember that waiving financing or home inspection contingencies can be risky.
Be prepared to make a quick decision, since moving quickly can be the difference between whether or not you get the home.
Lastly, consider writing a personal letter to the seller stating how much your family loves their house, and include a family photo.
Though a seller’s market may make the home buying process more challenging, an experienced REALTOR® can help you level the playing field to ensure you find and purchase your dream home.