We’ve been hammering this point home for weeks – housing inventory is tight, demand is soaring, and it’s absolutely a seller’s market. This doesn’t mean you can’t find the home of your dreams; it just means you might have to work a little harder and smarter. What can you do to increase your chances of getting the house you want? We’ve got some tips for house hunting in a seller’s market.
Get pre-approved for a mortgage. This tells the sellers you’re serious about buying. Pre-approval means your mortgage lender has already authorized a loan for a determined amount of money – buyers who are only “pre-qualified” may not have gone through credit checks, income verification, etc.
Make your offer attractive. Besides the monetary offer, having a large down payment on hand signals to the seller that you mean business. Be prepared to make some concessions that make the seller’s life easier, such as negotiating appliances, major repairs, etc. In the event that another potential buyer makes a similar offer, your deal may seem sweeter due to convenience.
Don’t lowball. You’ll have a higher chance of success if you offer the asking price or above. Ask your realtor for advice in this situation – they’ll tell you what’s fair and what’s likely to be accepted.
Following these three tips can increase your chances of getting the house you want, even in such a competitive market. For more advice, don’t hesitate to call us at 877.312.9033.