Are you looking to buy a home?
You may have heard that we’re in a “Seller’s Market”. What does this mean exactly?
According to the National Association of Realtors, “in February of this year there was only a 4.4-month supply of homes, a quarter of February’s transactions were all-cash sales and investors bought 18 percent of homes sold”. House prices continue rising as inventory tries to keep up. Because the inventory of homes is not as bountiful as the people looking for a home, bidding wars ensue and buyers struggle to find a good deal. It may be difficult, but it’s not impossible. While creating a strategy for financing and bidding on a home, keep these things in mind:
Know what you want. Listing photos may not tell the whole story. If you see a home you like and think you may want to make an offer, while you should act quickly, you shouldn’t act hastily. Set up a time to see the home as soon as you think it may be an option. It is better to see a house in person and decide what you do not like about it than to miss the chance. Seeing homes can also help you make quicker and more accurate decisions when you have all your preferences laid out.
Get pre-qualified. Not knowing how much you qualify for in a loan can significantly slow down and eventually halt your progress in finding and buying a home. If you require a loan, be sure to know for what amount you qualify before you begin thinking about making offers.
Use a knowledgeable agent. Using an inexperienced agent in such a competitive market may also cost you the chance on getting the home you want. Find an agent who is proactive and and good at negotiating for you. Finding a good deal and being able to get it is tough without a knowledgeable professional working on your behalf. Not to mention the time and stress you can save.
Step up with a strong offer. It’s okay to want to find a good deal, but in a Seller’s market where competition is high and inventory is low, it is best to predetermine your budget and move forward with a strong offer. Hesitating or trying to haggle prices may cause you to lose the home you desire.
Of course, if you have any questions about buying (or selling) a home, don’t hesitate to reach out to our team. We are available to answer all your questions and happy to help!