Savvy Buyers in a Seller’s Market

In a seller’s market, there are fewer homes, that cost more, and have more competition. What’s a savvy seller to do? Maximize your home buying potential, and be prepared to roll with the changes that are inevitably going to happen in this situation. 

Here what to do to be the smartest home buyer right now:

  1. Get pre-approved for your mortgage. This proves your financial credit-worthiness to the seller and makes your offer more attractive.
  2. Think seriously about more than one house. This way you can end up happy from several solutions, instead of falling in love with one house and either being disappointed when you don’t get it, or paying way too much because of its emotional hold on you.
  3. Expand the area you’re looking within. Think amount amenities and features nearby instead of just a specific neighborhood. Look in areas that your realtor suggests are almost like the one you love.
  4. Don’t look for homes at the top of your budget, look for homes at the bottom end of your budget. In a seller’s market you might have to bid over asking price. Be prepared for this possibility by having that wiggle room.
  5. Sometimes it’s not just about price for the sellers. You might win by offering certain contingencies, or making it easier for the seller to move out. This is where a really good real estate agent’s experience is important and can make all the difference.