A market with limited inventory and lots of willing and able buyers is known as a hot seller’s market. Once you’ve found “the one” and you’re ready to get serious, it’s time to get your game face on and beat out the competition. Here are some strategic tips that home buyers need to know when buying in a seller’s market!
Get A Head Start
Buying a home requires a lot of time and energy. You need a good realtor advising you on top of a serious time commitment to watch the market and see homes quickly. You also need an expert loan officer on your team to help you get pre-approved. Motivated sellers don’t like to wait for a buyer to get approved for a mortgage before a serious offer can be made or accepted. Sellers will also feel better if you are pre-approved for a mortgage before you see their home because they can start negotiating with you right away.
ALCOVA now offers a one-of-a-kind guaranteed pre-approval with our CAN-DO Certification to help buyers compete in this aggressive real estate market. If you are ready to begin your homebuying journey or tired of being out-bid in this hot market, ALCOVA can give you the jumpstart you need!
Don’t Waste Time
The real estate market favors those who can make quick decisions, especially in a sellers’ market. In other words, if you snooze, you will lose! Once a good listing hits the market, interested buyers should see it instantly. Don’t wait patiently for the open house. A more aggressive buyer will see it as soon as possible and even make an offer on the same day.
Be Flexible
No home is going to be “perfect,” so expect to make concessions and price compromises. Remember that you are competing with plenty of other buyers in a low inventory market, so it’s important to be flexible. Older homes are going to have blemishes but will cost less than newer homes. Look beyond stained carpet and the outrageous paint colors. They can be easily changed. Just keep in mind that most buyers in competitive markets end up paying top dollar once they get in the middle of a bidding war.
Make a Strong Offer
If you want to submit an offer, make your contingencies and timeframes swift, and take as much risk as possible off the table for the seller. If you need to inspect the property and have an appraisal, get it all done within days, not weeks. Your realtor will be in your corner to help you construct the best offer based on your situation. Visit one of our past blogs to learn more about making a competitive offer!
Buyers in hot markets find themselves in competitive situations because they not only want what everyone else wants but also what is in limited supply. These strategic moves will go a long way in making you a winning buyer in today’s seller’s market! Think you are ready to jump in? Contact one of our loan officers today to get your pre-approval rolling!
