How to Seal a Winning Deal in a Seller’s Market
Obviously, the ideal time for anyone looking to buy a home is in a buyer’s market. However, you can’t wait for a favorable market turn forever. When it comes to making the deal work, especially in a seller’s market, you want to pay extra attention to the following factors so your offer beats out the competition.
The Early Bird Gets the Worm
If you find a great property, odds are you aren’t the first – or only one – who thinks so too. You want to be proactive, even aggressive, if the price and value are right. If there is an open house scheduled, make your appointment to see the listing before. If you care more about value of a home than its plan, location or condition you want to make an offer as quickly as you can, because odds are others are not far behind you. Don’t let yourself get hung up on a home though, while you want to make a strong offer you don’t want to hang on it. Make your bid and keep moving.
Eliminate Your Flight Risk
Price is certainly important to a seller, but contingencies and timeframes can play a huge role as well when deciding whether or not to actually move forward with a buyer. If you are planning on taking out a loan to purchase a property make sure you meet with your broker before you make an offer. Get any home inspections and appraisals done ahead of time, don’t make your contract contingent on the results. You want to ensure that you are able to follow through on your contract and leave your seller with no doubts. If you are working with an agent, make sure he or she is local and familiar with the location and market of your property, having a prior relationship with the seller’s agent can be an added bonus. Even with a strong agent, you want to come across as an experienced and well-informed buyer. Finally, don’t drag your feet on a deal; it might not be there in six months. Just because a seller is still showing a house doesn’t mean they aren’t looking to move quickly. The shorter the timeframe is from contract to close, the better positioned you are to land the deal.
When it comes to home buying in a seller’s market, you want to come hungry and leave happy. Make sure you are serious about moving before you start house hunting. Do your research; know what you are looking for when it comes to the town, neighborhood, school district and price so you can bid confidently.