Today’s intense sellers’ market makes selling nearly a sure-thing for sellers agents. However, the national shortage of homes and increasing buyer competition have really cut out the work for buyers’ agents. There aren’t enough homes to go around and bidding wars are common in the market of any major city.
As a home buyer, it can be tough to take on the intensity of the current sellers’ market, but with great determination comes great rewards. Together, you and your real estate agent can still find the perfect house at the right price. It just might take a little more readiness, tenacity, and making use of all available tools.
Let’s dive into your best strategies for buying successfully with the sellers’ market conditions.
A True Guide can Find Homes in a Tight Housing Inventory
Finding Homes in Unexpected Places
Today, we’re looking deeper into the home market to fill the low inventory dilemma. Commercial buildings are being renovated into trendy condos and private sellers with vacant properties are being actively pursued. Your agent can connect with other agents and networks to find properties beyond the standard move-in-read housing market.
Match home quality to buyer ambitions. Shabby homes are off the market for new and luxury buyers but might be perfect for DIY buyers and home flipping clients. Your buying options expand if you’re willing to tackle a few post-purchase repairs and renovations.
For buyers who want the experience of completely designing their new home, working with a builder is another option. Condos are also on the rise (literally!) to fill the gap and new neighborhoods are slowly going in. This is a great opportunity for buyers looking for custom-built luxury homes and the added benefit of a new-owner experience.
Tips for Buyers in the Sellers’ Market
Lock Down Your House-Hunting Priorities
Houses go fast in a sellers’ market. Not only is demand high but bids and sales are completed quickly. Homes can go on and off the market in a few days in some regions, especially in the high-demand Southern region. So it’s important to know if you want a house as soon as it’s available. Your likes and dislikes, must-haves, as well as deal-breakers need to be solid so every house can be judged on the best merits.
Experiment with House-Hunting Online
Start your house-hunt online. Not only will online listings give you a better idea of your priorities, but you can also enable faster and more informed decision-making. The modern trend of 3D home tours is even better than a photo gallery and can really give you a feel for homes before a tour can be scheduled.
Get Your Maximum Mortgage Pre-Approved
Bidding wars are common and buyers in a sellers’ market often find themselves paying more for a house than planned, but still within their budget. Have your maximum mortgage size pre-approved and the paperwork readied by the bank. This also shows sellers you are ready to go without delay and ensures you can handle some bidding-war price increases.
Quickly Assess the Right-Now Value of a Home
Know how much the home is worth. This is a combination of the assayed value, the neighborhood values, the maintenance, as well as the current local demand. Work with your agent to make respectful bids but also to avoid drastically overpaying for a house during this tight market.
Bid with Confidence, Enthusiasm, and an Easy-Go Attitude
Work with your real estate agent to approach bidding with confidence. Sellers like to see buyers who love the house, are ready to go, as well as those who have no hesitation about the process. At the same time, be ready to let go of any property that out-prices in bidding or becomes unavailable during due diligence.
Close as Swiftly and Smoothly as Possible
Use modern tools to close smoothly and efficiently. Sellers will value the reduced hassle of selling to your team and buyers will appreciate the ease of completing their purchase as well as receiving their deeds and titles. From great advice to great software tools, Path & Post can streamline your buying experience and help you find the perfect home, even in this tight market! Our team would be proud to become your trusted real estate guide. Contact us today to discover your new path.