Tips for Spring Home Buying in a Seller’s Market
There are a few different tips and tactics you can use to better your chances of [hopefully] snagging your dream home when there are other people putting bids out there and going for the same home you’re looking at. In a seller’s market it is important to be dedicated to pursuing the home you want and working closely with your realtor or agent to make deals happen. When the markets get competitive, a few days can make the difference between snagging a home or seeing another family move into it instead.
Work With The Sellers
Make the seller like you. Work with them and appeal to them. Let’s say you’re newlyweds and they’re moving into a larger home to accommodate for their growing family. Relating to them and becoming personable to them so they remember you are huge parts. If you’re working with agents and don’t have the convenience of meeting with the sellers, make sure they know about you, your situation, why the home appeals to you, etc.
Also, try to figure out what their situation is. Are they trying to sell the home quickly? Or do they need to stay in it for a while after the deal is made? What are the contingencies, if any, involved in the deal? If you can work with their situation, you may still get the home even if you aren’t the highest bidder. Because it’s not just about the money! It’s about the combination of things such as price, timing, and more, which make the deal desirable for the sellers.
Make sure this is the right home!
You’re going to need to dedicate a good amount of time working with the sellers or agents to try and snag the home, so make sure you’re willing to put effort into buying your next home, because after all, it’s a big deal. Plus, if you only go for the homes you’re truly passionate for, you can put honest effort into working with the buyers and making the sale pleasurable for everyone involved.
Be prepared and flexible!
Coming into a bidding war with a mortgage pre-approval letter holds a lot of bargaining weight. It tells the sellers someone has already evaluated your financial standings and is ready to move forward with your loan. It gets the ball rolling that much quicker and can turn the odds into your favor. Also, once you reach negotiations, be fair and if you appeal to the buyers as mentioned before, they should be willing to work with you. If you expect them to make compromises, play fair and do the same. The goal is to create a win-win situation for everyone, and walk away with a fair deal on a home you love. Working with the sellers is key and this is one of the biggest parts to that.
Article written by Jerry Sun's Team