BUYERS CHEAT SHEET FOR A SELLERS MARKET
In a seller’s market, home buyers need to be willing and able to act fast to snag the home they want. This Spring, areas across the country are facing a limited number of homes for sale. Here is my cheat sheet to give home buyers the edge in todays market.
Find A Realtor:
Find a Realtor and have a face to face meeting and interview 2 or 3. Hire a full time Realtor!
In this market you need to be represented by the best Realtor you can find. Not by your brother in-laws mother who does real estate part time. You’ll want to sign a Buyers Rep agreement with your choice of Realtor to represent you in the transaction. Without this agreement a Real Estate sales person is not representing you. For more information about getting Pre-Qualified Click Here
A high percentage of buyers want to do this step after they find a home they want to buy. This is too late. It will take at least 24 hours to get you pre-qualified after you have sent in the required documentation to the loan officer. You can get Pre-approved over the phone but that doesn’t hold much value for a seller because income and debt has not been verified nor has your credit been pulled. To get Pre-Qualified now Click Here
Be On Call :
If you’re only looking now and then when it’s convenient, you’re probably wasting your time. Here’s why. The well priced move in ready homes in desirable areas are selling with multiple offers within the first 1 to 3 days. If you wait until it’s convenient for you, chances are it will already be sold by the time you go look.
Limit the contingencies:
In a seller’s market, buyers may need to drop some of the contingencies to score the house. Sellers prefer the fewest number of hurdles to closing as possible. If buyers come in with several contingencies, such as “if they secure financing” or “the sale of other property” the sellers are more inclined to bypass those offers and take another offer with less hassle.
Also, don’t waste your time lowballing a seller. Keep this in mind. The listing price, generally is the starting bid. Quality listing agents will generally have the property priced correctly. There is too much information available to the public for you to buy a home at 60% of value.
Cast a wide net:
Search for homes outside prime locations if faced with limited or high-priced choices. Buyers need to carefully consider what they’re willing to compromise on.
Sometimes properties sit, even in a seller’s market, because of a problem that is scaring other buyers away. Those “flaws,” however, might not be a big deal to some buyers. Finding a house this way can also cut down on the amount of competition you will face.
In closing, a good Realtor can guide you through the process and help you achieve the best case scenario.