Home buying in a sellers market can be a bit tricky.
The Lawhead Team would like to share some helpful tips to buying a home in a sellers market.
One of the most important things a home buyer can do when buying in a sellers market is to trust his or her real estate agent’s advice on the market conditions. Since buyers usually do not have an interest in the housing market until they are looking to buy or sell a home, they won’t always know how the market is moving from one season to the next.
With today’s changing market, a home buyer’s strategy must be flexible and they should see the guidance of a well-informed real estate agent. Call The Lawhead Team for expert advice!
As you probably know, multiple offers happen a lot more frequently in a seller’s market. We will share with you 5 important tips you must know when buying in a sellers market.
- First and foremost, you need to get pre-approved. The mortgage process is much more elaborate now and you need to get all your ducks in a row. In a sellers market, a pre-approval will help let the seller know you are a serious buyer.
- A larger earnest money deposit will look very attractive to a seller. Talk to your agent about doubling your earnest money since you will be paying it at closing anyway.
- Unfortunately in a sellers market, low-ball offers don’t work. Although price isn’t always the most important factor, you don’t want to offer less than list for a home. You may even need to offer more than the amount the seller was asking.
- Avoid asking favors from the sellers. Asking to include the washer and dryer or to repaint the front door may be a deal breaker when it comes to the seller accepting your offer.
- Allow the seller to move out of the home a few days after you are able to take possession. If you are competing with another buyer and he doesn’t think of this offer, the seller may look more fondly upon you.
Looking to buy in today’s sellers market? Call The Lawhead Team to have expert advice on your side! “Because Two Lawheads Are Better Than One!TM”