What NOT To Do As a Homebuyer in a Seller’s Market

If you’re looking to buy a property in the near future but feeling discouraged given the market’s current conditions, don’t give up hope. Contrary to what you may believe, you can get what you want, even during a seller’s market! Here, some helpful tips on purchasing the home of your dreams—and getting a great deal in doing so—no matter what the market looks like.

1. Don’t drag your feet

When you’re fortunate enough to have located a home that meets all your criteria, by all means, make an offer! It’s one thing to take your time performing complicated analyses during a so-called buyers market, but right now, when sellers likely have multiple offers for consideration, dragging your feet might mean losing out on the home you really want. With that in mind …

2. Don’t wait to get your finances in order

Imagine the scenario: you’ve found the home of your dreams, you’re more than confident that your credit score and your down payment put you in a position to secure a mortgage with which you’re comfortable, and you’re ready to put in your offer. The only thing you haven’t done is get pre-qualification, or better still, pre-approval on a loan.

But that’s fine, because you know you’re qualified, right? Wrong. The fact is, unless you’re a cash buyer, loan pre-qualification is one of the most critical steps you’ll take on this journey. If you’re not pre-qualified, the seller will opt to work with another buyer who is.

3. Don’t blow your first impression

There’s a delicate art to placing a smart offer during a seller’s market, and here’s why. On one hand, it’s not a good idea to come in with an offer that’s too low, because competition is simply too fierce in a seller’s market. Conversely, if your opening offer is too strong—say, a number that’s near the top of your budget—then you’re setting yourself up for failure, should a bidding war ensue. (And yes, during a seller’s market, you should always be ready for a bidding war).

The best way to navigate this complex situation? Leave it up to an expert, and enlist the help of an experienced real estate agent. Agents at First Team are experienced in purchasing property in a variety of market conditions, and have helped many a client successfully buy during a “seller’s market.” Your First Team agent will work diligently on your behalf to ensure you proceed intelligently and get the best value possible.

Email us at clientservices@firstteam.com

Call us at 888-870-1142

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