Trying to Buy a Property in a Seller’s Market?
Buying a house in an obvious seller’s market can be incredibly difficult. Prices are higher than ever before, and for the most part, it might be worth it for you to wait until prices are a little better. If you can’t wait though, you should know that there’s some etiquette that you need to follow if you want to close on your new house. Here are a few things that you need to do if you want to buy your home in a seller’s market.
1. Don’t Offer Below List Price
If you’re in a seller’s market, it’s not a time for you to ask for favors. You have to analyze the situation, and realize that they’re probably getting plenty of offers. In a seller’s market, the list price is more like a baseline, and the more that you want the house, the higher that you probably have to bid. It’s just the nature of how the market ebbs and flows, especially in more competitive markets like the South Bay. If you want to be successful in the home buying process, make sure that you don’t sell your home for anything less than list price.
2. Offer Fast
If you’re buying in a seller’s market, especially for great properties, the home is going to go fast. That means that you should have your loan pre approved and someone on call to inspect the house so that you can make an official offer as quickly as possible. When you’re trying to buy in a seller’s market, time is of the essence, so make sure that you’re quick to buy when you find the right house. You’ll get a feeling that will tell you that the house you’re in is the right one, and that’s exactly when you need to make an offer.
3. Give Them More Time
There’s going to be a time when they’re supposed to basically move out, so you can move in. If you want for things to go as smoothly as possible, it’s a good idea to throw in a few extra days before the house is in your possession, so they have as much time as they need to move out of the property. This is the little thing that can give you a big edge during the negotiation process, so throwing it in can be the difference between closing on the house and being left in the dust.
Get In Your Dream Home Despite the Seller’s Market
Getting in a brand new home is not going to be easy in a seller’s market, but it can be done if you feel like you can’t wait for the market to improve. When you’re in a seller’s market, you should never offer below list price, always provide your offer as quickly as you possibly can, and throw in a few extra days during the negotiation process for them to move. These are all things that can improve your chances of getting the house that you want.