By now, I’m sure you’ve heard the rumors; yes, it’s a “Seller’s Market.” Well, if you are actively searching for a new home, you already know that it’s true. The low inventory of homes for sale has made things difficult for buyers. There just aren’t many homes for sale out there and when a nice listing does come to market, it’s met with multiple offers…..quite often with offer prices well over asking.
If you’re a buyer in this market, you might feel overwhelmed but remember that with a solid strategy, you can still find your new home, even when inventory is low. The highest offer price in the world means nothing if the transaction doesn’t go to settlement. Here are a few tips for buyers looking in a tight market:
• Get you pre-approval letter before you shop so you’re prepared
• Be prepared to pull the trigger…quickly
• Write a competitive offer
• Keep contingencies to a minimum
• Write a clean offer; make it easy for the sellers to just say yes.
When inventory is low, it’s easy to feel like the best homes are already gone, but by working with your Realtor, you can put yourself in the best position to have your offer accepted. Your Realtor will also work with you on “out-of-the-box” strategies in finding potential homes before they hit the market.