A Seller's Market: How To Get The House You Want
Such a low number of available homes for sale has created a seller's market. That means that owners can usually command their price.
So how can you get the house you want without overpaying for it? It's not always about price!
Here are some tried and true strategies to help you get the home you really want.
Sounds like a lot, doesn't it? Actually, that number was down 8.4% from the previous May when 2.14 million homes were for sale.
And it's a trend that has continued. It also may explain why housing prices keep rising.
Because there is a shortage of homes on the market, sellers are entertaining multiple offers.
And they are not only getting their asking price, but getting offers above the listing price!
So how can you beat out your competitors to get the house you want?
We show you how with these five excellent buyer tips.
5 Recommended Tips for Buying A Home In A Tough Market
Get Mortgage Pre-Approval. Pre-approval says to a buyer that you have your finances in order.
Sellers know there is a much smaller chance that the mortgage financing will fall through if the buyer has been pre-approved.
If a buyer submits a contract without pre-approval, the seller knows he's exposing the sale to a greater risk that the deal could fail. Get pre-approved!
Drop the contingencies. Some contract contingencies like a home inspection should always be included in the offer.
They offer legal protection from purchasing a possibly faulty home.
But including the contingency of having a home to sell can be a contract killer in a seller's market.
Most sellers will choose an offer that does not include the buyer selling their home first, and that's understandable.
If you can't swing two mortgage payments, you may want to wait until your house sells first. That will put you in a much stronger buying position.
Move-In Dates Do Matter! Realtors will tell you that those who submit the easiest, cleanest offers are the ones that win at the real estate game.
Move-in dates are an important consideration by sellers. Does your seller want a specific move-in date? Consider sacrificing to make the deal work.
You may have to make alternate housing arrangements in the short term, but in the long run, flexibility gets you the house you want to live in for the next 10-20 years.
Pay Your Own Closing Costs. You may want the seller to help you with closing costs, but if you really want the house, find another way to get closing costs paid.
Sellers aren't as likely to agree to pay even a portion of a buyer's closing costs in this seller's market. Instead, they will consider a cleaner offer.
Get Specific. Before you make an offer on the house you want, have your agent call the seller's agent. Get them to find out just what the seller wants to see in an offer.
Does the seller want to work with a specific Staunton or Waynesboro title insurance company? Do they prefer a certain move-in date?
The more you know about what's important to the seller to close the deal, the stronger your position of winning the home you want.
Buying a home in a seller's market isn't easy, but if you follow these suggestions, it will put you in a stronger position to get the home you've set your heart on!
Lilly Title & Settlement offers real estate closings and title insurance services to Waynesboro, Staunton, and the surrounding areas. Learn more about us at www.lillytitle.com.