According to a recent report by the National Association of Realtors... “Home sales continue to ascend in the first month of the year, as buyers quickly snatched up virtually every new listing coming on the market. Sales easily could have been even 20% higher if there had been more inventory and more choices.” said Lawrence Yun, NAR’s chief economist.
So how do you buy a home in a sellers market?
Many articles offer advice on what the seller should do, but in this increasingly aggressive market place it is just as important to focus on what the buyer should do.
If you are planning on buying a home in the near future, it is imperative you have a trusted advisor to guide you through the home buying process. With homes receiving multiple offers within hours of coming onto the market having a knowledgeable REALTOR® on board now will ensure you are alerted to suitable homes, get an appointment to see the house asap, and are able to negotiate an acceptable offer.
A good REALTOR® can connect you with a lender to get a pre-approval letter, be a resource for finding a home inspector, and other professionals needed to successfully complete your real estate transaction.
It is becoming increasing apparent that buyers who are prepared stand a far higher chance of securing their dream home. This includes:
- Creating a picture of the type of home of you are looking for – style, location, size, wish list and budget.
- Getting pre approved for a mortgage – something we can assist you with
- Preparing your pre offer paperwork – sometimes it’s the quality of the offer that is more important than the amount that is bid.
There are a number of options to make your bid stand out – a larger deposit, asking for fewer contingencies, and where possible a cash bid will trump others in a multiple offer situation. Also, when viewing a home bring your checkbook for the earnest money deposit.
When buying a home in a sellers’ market prior preparation is key – we can help you through the process, from the beginning to the closing. So start now to avoid being late to the party – call our office to talk with one of our experienced team.
Copyright © 2021 Higbie Maxon Agney
Posted by Kay Agney on
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