In a many parts of the country, homes are currently selling quickly, often at or above the asking price. Part of this has to do with the very low home loan interest rates that have been available, low inventory of homes for sale, and more buyers than sellers, resulting in a “seller’s” market. As a result, you might find that you put in an offer on a home just to find out that the seller already accepted someone else's offer. If you've been having difficulties landing the homes that you've wanted, learn more about some ways that you can get a better shot at the houses you want to buy.
Put in An Offer Right Away
One of the biggest mistakes that you can make in a market where houses are selling quickly is to wait a day or two to think about it. Sure, you want to make sure that you're not rushing into something that's actually a bad deal, but you need to process your decision-making much more quickly. In many areas of the country, houses are being snatched up within a couple of days of being listed, so if you wait to think it through on a house that's in the mid-price range and is likely to be attractive to a lot of homebuyers, you're likely to miss out.
Have Your Finances In Order
In a market where houses are moving more slowly, a seller might be willing to wait for you to apply for the loan, but in a market where houses are moving quickly and they already have a couple of other offers, you're going to need to have a letter stating that you already have a pre-approved loan amount. This will also enable you to determine how much you can afford to spend on purchasing a property.
Get a Good Real Estate Agent
When you're trying to buy in a seller's market, make sure that you do your research on real estate agents before you settle on whom to work with. The best real estate agents will give you a competitive edge because they'll tell you about the newest homes that you might be interested in the quickest, so that you can get your offer in quickly. They'll also be able to give you advice about the price of your offer and all of the details so that your offer is attractive to the seller.
Give Your Best Offer
If houses are selling quickly in your market area, you're not going to be able to cut money off their asking price unless their asking price is genuinely overpriced. So if you see a house that you love, make sure that you give your best offer.
When the seller has the upper hand, you might have to be more flexible about certain things. For instance, you might decide to be more relaxed about how much you have the home seller fix before you're willing to buy. You certainly shouldn't be nitpicking repairs that will cost a few hundred dollars or less to fix.
If you've been missing out on the houses that you've been putting in offers on, you should use these tips to increase your chances of actually getting the next house that you put in an offer on.
In a tight real estate market, where homes are selling quickly, you need an experienced Realtor® who can guide and help you make your best offer. Janis Peterson, Realtor®, GRI, ABR, SRES, CSP specializes in real estate in Montgomery County, Delaware County, and Chester County, PA, Pennsylvania, and has been helping Main Line Buyers and Sellers since 1994.
Janis Peterson, REALTOR®, GRI, ABR, SRES, CSP
Long and Foster Real Estate, Inc.
355 Lancaster Ave. Suite 100
Haverford, PA 19041