In a seller’s market, there are more buyers looking for homes than there are homes for sale, creating a lot of competition between buyers in order to get one of those few homes. If a buyer doesn’t know what they’re doing in a competitive market, they’re likely going to be left behind in the dust and not be able to get the home they want, so they need to know the tips and tricks for getting ahead of the competition. Here are some of the best strategies buyers need to know when shopping in a seller’s market.
1. Hire an Experienced Agent
No matter what, buyers and sellers alike should always work with a real estate agent when doing anything that involves real estate, but in a competitive market, an agent is even more important. Agents help buyers find homes, arrange showing times, submit offers, make negotiations, and more, and all of these things can be difficult for someone who has no experience in real estate. Agents are also constantly staying on top of the market, so when a home pops up that they know their client will want to see, they will notify that client as quickly as possible to set up a showing because time is of the essence in a competitive market.
2. Work Quickly
It’s common for buyers, especially if they work during the week, to wait until the weekend and go see all the homes their agent recommends then. But in a competitive market, waiting even one day can mean missing out on a home. If the market is hot enough, it’s possible for a home to be posted on Monday and sold on Tuesday, so buyers can’t delay in going to see homes. It can be difficult to stop everything at the drop of a hat and go see a home, but if a buyer is truly serious about buying a home, they’re going to have to learn how to balance it until their offer has been accepted.
3. Submit the Best Offer Possible
In a competitive market, sellers are looking for the best deal, and they may get multiple offers at a time if the market is hot enough. Because of this, buyers shouldn’t be conservative with their offers when they submit. If a seller gets a lot of offers and one of them clearly stands out from the rest, it’s likely that they will accept that offer and choose not to negotiate with any of the other buyers. Putting in the best offer first is the best way for a buyer to get the home they want, and they can do this by offering more money than the sale price, including an escalator clause, or even writing a personal letter about loving the home.
4. Get Pre-Approved For a Loan
When getting ready to buy a home, it’s always recommended to get pre-approved for a home loan. Being pre-approved gives a buyer written proof from their lender of choice that they are allowed to borrow a certain amount of money, which many sellers like to see because it means they won’t have to wait around for the buyer to find a lender. Getting pre-approved isn’t a difficult process, but it does require some time, so buyers should start early so they’re ready before they find the right home.
Buying a home in Kearney in a seller’s market can be difficult for buyers who aren’t prepared and don’t know what to expect. By keeping these tips in mind, buyers can help prepare themselves for the turbulence of the market and give themselves better chances to buy a home they love.