Homes for Sale: Increasing Your Odds for Success In a Tough Market

Going up against other buyers can be more tense in the best of times, but in a seller's market it's especially competitive. When there are fewer homes for sale than there are buyers in the marketplace, it gives sellers an advantage. Here are some tips to help you beat out other buyers and get the home of your dreams

Be Flexible

There's little wiggle room for negotiations when you encounter a seller with a good home and a lot of interest. If you find a home you really love, make a strong offer at or slightly higher than the list price. It's also a good idea not to make small matters like minor cosmetic problems a deal breaker.

Be Prepared

Have all of your preliminaries like down payment and good credit in order. Get a pre-approval on your mortgage - and bring the paperwork to prove it - before you shop for a new home. A seller is much more likely to accept your offer if they know the financing is in place.

Find an Experienced Agent

An agent is only as strong as their track record. If you get an experienced agent with a good reputation and a long history in the local market, you'll be in a better position to negotiate. You'll have someone who knows the community, and they may be able to steer you toward good homes in favorable areas you may not have considered.

You'll know you're in a seller's market if houses are selling quickly and they're going for more than the asking price. If you're persistent, patient, and prepared, you can buy a home in any market. One way to help ensure success is to work with an exclusive buyer's agent. These professionals work only with people who are in the market to buy a home, and they know the ropes better than anyone.





Sources:


Tips for Home Buying in a Sizzling Hot Seller's Market, The Balance

Surviving a Seller's Market: The Ultimate Cheat Sheet, Realtor.com