You’ve heard the rumors; it’s a “Seller’s Market.” Well if you are actively searching for a new home, you 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…..often with offer prices 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 dream home, even when inventory is low.
The highest offer price in the world is worthless if the transaction doesn’t close.
Here are a few tips for buyers looking in a tight market:
- Talk to a lender before you shop so you’re prepared – this helps you know exactly what you can afford before falling in love with a house. Also, you can ask your lender to run the numbers and he/she can tell you approximately what your monthly payments will be.
- Be prepared to pull the trigger – With things going in 1 day you have to be able to decide pretty quickly if you will want to write an offer.
- Write a competitive offer – This can include an appraisal gap or no inspection.
- 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 each to feel like the best homes are already gone, but by working with your agent, you can put yourself in the best position to have your offer accepted.