Home Buying Advice - Buying a Home in a Sellers Market
Buying a home in a sellers market can be tricky, here are some tips to help you with your offer.
Buying a Home in a Sellers Market
When the market is a sellers market you will often find that homes for sale have multiple offers within days of being listed. To try and ensure that you are the lucky buyer here are a number of things to help you gain an advantage over other people looking to purchase homes.
- If you get a prequalification letter from your lender the seller will see you as being serious and they will know you can afford the home.
- Stay on top of new home listings as soon as they come on the market. Take advantage of our dream home finder, which emails you listings as soon as they come on the market.
- Be prepared to make a snap decision. Know what you are looking for, what the must haves are and what features are optional. In a strong real estate market a home can have multiple offers within days of going on the market, so speed is critical.
- Do not put in a really low offer. In a slow market a low ball offer may be accepted, but in a sellers market when they are likely to have multiple offers your offer will have little or no chance.
- When you make an offer try and keep any contingencies to a minimum. If you add too many contingencies, for example, based on the sale of your home, closing costs, or closing on a specific date, your offer may not seem as appealing as others.