Being a Buyer in A Seller’s Market

Low Inventory!

Multiple Offers!

Over List Price!

If you follow anything real estate related, then you’ll know in most areas right now there is a solid seller’s market.  Which means there aren’t enough homes to meet the demand of ready willing and able buyers.   So, consumers jump quickly and usually say how high?  Sometime’s it’s a matter of need (no one wants to be in between homes for very long) and sometimes it is a matter of getting swept up in the frenzy.  This is great news for sellers on the fence about making a move or needing more equity to make sense for them to sell.  But what does this mean for buyers?

Now, yes, there are some pockets that are sifting to a buyers market.  More choices, homes on the market longer, buyers get seller concession more easily.  But let’s talk a little bit about being a buyer in a sellers market.  It doesn’t have to be as daunting as it seems.  You can still get a great home for a fair price in a sellers market.

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  • Have Realistic Expectations:
    • Wants vs. Needs – many times we see wants as needs when looking for a home.  Truly narrow it down; what do you NEED bedroom/bathroom wise?  One level living?  A garage?  Those are usually the basics.  Wants like, a double vanity, granite counter tops, flooring, fireplaces ect can always be added in easily after you own.
  • Hire local and respected vendors.
    • Listen to your agent and do your research.  Agents will certainly suggest who they know lender, title co, ect will get the job done for you.  Having a company that isn’t local, or doesn’t have great reviews can end up  biting you later.  Sellers look at who is handling the transaction, who the lender is, who the title company is, because sometimes it’s not about numbers, but about who is going to get the job done at the end of the day.
  • Communicate and don’t panic.
    • Heard of buyers losing out on a property because they waited a day to write the offer?  It happens.  Communicate with your agent as to why you are hesitant.  Do you need more information?  Did something not sit right about the house?  Your agent can help you bridge that gap so that you are making an informed decision you are comfortable with.  It’s okay to say, “I am this *insert type of personality* and I need *insert needs, whether it’s data, to feel emotion ect*”. Being forward is important so we know how to better serve our clients.

Having a strong and responsive negotiator on your side is crucial to success in these types of markets.  There is very little room for error.  And at the end of the day, you will have the keys to your new adventure in home ownership!

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