Tips for Buying a Home in a Seller’s Market
In a seller’s market, home inventory is low, prices are up, and homes sell quickly. Competition can be intense for buyers. So what can you, as a buyer, do to gain an edge?
The first thing you can do in a seller’s market is to start house hunting as early as possible—and then be patient but ready to act quickly. It may take more time to find or get the home you want. Clear your schedule so you can tour a new listing as soon as possible. Don’t wait for the weekend.
It’s essential that you get preapproved from a reputable lender to show the seller that you’re ready and able to buy. Show proof that you have funds for a down payment and offer it (or more) up front as an earnest money deposit.
When you find the home you love, be prepared to make your best offer first. Since bidding wars are a strong possibility in a seller’s market, it’s wise to look at homes that are a bit under your maximum budget. This gives you room to negotiate or bid higher than the asking price, if needed. Assume that you’re competing with several other offers and consider making your first bid at the asking price.
An experienced agent like Leslie Wells will help you find inventory, act quickly, and make your offer stand out. Keep in mind, when shopping in a seller’s market, that it isn’t the best time to ask the seller for favors. Be as flexible as possible about the closing date and ask Leslie Wells to help you reduce contingencies so your offer is more attractive to the seller.
Along with your offer you may consider writing a brief letter to the seller, explaining what you love about their home. Appeal to their emotions and tell them why you’re the best person to buy and care for their home. Let the seller know that their reading nook is perfect for your daughter or their flower bed is one you’ve dreamed of.
When your offer stands out from the rest and you have agents from Leslie Wells Realty guiding you, you’ll be able to find the right home in Manatee County even in a seller’s market.