Homebuyers in a Sellers'
Market
Since there are more buyers than homes for sale in a sellers' market, homes sell quickly and for higher prices than they normally would. Watching homes you are interested in sell out from under you and at outrageous prices can be frustrating and discouraging. You continue to drive your favorite neighborhoods, but begin to lose hope that you'll ever get there first and for the right price.
What can you do? If you are in a sellers' market, and want to buy a home? To help you turn the odds back in your favor. Consider the following advice.
Be prepared to buy.
Get your finances in order....... (more)
clean up your credit......... (more)
Get pre-approved for a loan...... (apply here)
Knowing how much you can spend can narrow your search and make it more productive. You will be in a much better position to act quickly if the right house comes your way.
Pick an area where you want to live.
Decide on the area you want and the kind of home you want . Think about how you would like to live your daily life. Picture your activities and how you want to spend your time. The right type of home will come to you. For example, if you like to entertain large groups of people, You may want a great room. If You travel or don't care much for maintenance and gardening? Something in a gated community may be perfect for you. Do you love antiques or restoring things? How about looking at a historic property, or an older home? Focusing on your wants will help you and your real estate agent find the best home for your preferences.
Hire a real estate agent
A buyers' market isn't the best time to look for a home by yourself. Find an agent that specializes in the area you want to live in and the type of home you want to buy. Real estate agents have niches, usually they focus on a particular area of town. Ask around and find out who is the specialist in the neighborhood you want to live in.
Be willing to sign an exclusive buyers' agreement.
An agent who has you under contract to represent you is a lot more likely to call you with a new listing to see than an uncommitted buyer. Make certain you are the one that gets the call.
Don't use multiple agents.
The worst thing you can do in a sellers' market is to attempt to "beat the system" by asking several agents to find you a home. They will quickly figure out they are working for the same buyer, and you will become a joke.
Make Your Offer the Most Attractive.
If you have the opportunity to bid on a home with multiple offers, make sure yours is the most attractive offer. Make sure the seller knows how much you like the home, how prepared you are to buy it and that you will make for an easy transaction. Keep contingencies to a minimum; the seller will assume that any contingency is a loophole to get out of the contract. In a sellers' market, they have no reason to allow you to tie up the home. Make it clear that you are ready to move toward closing. If offers come down to personalities, a seller will want to convey the home to someone who "appreciates" it and poses the least amount of trouble.
Have a tie-breaker concession.
If bidding is close,
you can offer a tie-breaker. For example you might offer to pay some of the
seller's closing costs, be willing to accommodate the sellers' preferences
including move-out dates, closing dates, etc..
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