If you’ve been following our latest market updates, then you know we’re in the midst of an unprecedented seller’s market. Homes are in high demand, prices have been going up, and the homes that are available are getting sold almost as soon as they’re listed.
Now, you might be asking yourself, “should I buy in a seller’s market?” And the answer is an absolute yes! While competition is fierce and can be intimidating, we’re also looking at some of the lowest mortgage rates – giving a strong incentive to seize the opportunity and shop around. But you could also be facing circumstances where you may have no choice but to make a move now to secure a new home; such as for a new addition to the family on the way.
Whatever your motivation, don’t worry, we know just what it takes to successfully navigate buying in such a hot seller’s market. So here are 4 key tips to help make sure your prepared when shopping around.
1. Don’t wait – start NOW
Wherever you’re aiming to settle, the listings for homes in popular neighborhoods are often sparse, and when homes do hit the market, they’re swarmed with offers very quickly. So, if you have your heart set on buying in a particular town or area, we can’t recommend enough kicking off your house hunt as soon as possible. Vigilance is key here – keeping a watchful eye early nets you a much stronger chance of catching “the one” when it does pop up. The last thing you’d want is to find out your perfect home came and went before you even got the starting line.
2. Get proof of funds or pre-approval ready upfront
Say you find that dream home and are ready to dive in. Naturally, there are likely many other people who feel the exact same way; so now it becomes a sprint. Preparation is often the make-it or break-it factor. With the current market being so hot, you can easily assume that others are thinking the same. You likely won’t have a day or two to think it over and get your papers together.
The solution? Get all your paperwork for your mortgage pre-approval or proof of funds ready to go from the very start. That way, when you want to make a move, nothing will hold you back. Trust us, you don’t want something like paperwork costing you the home.
3. Make your first offer your best offer
While many other times can allow a bit of friendly negotiation when the competition is ferocious and time is short – don’t waste time lowballing or playing it safe. Sellers know what their homes are worth and they know demand is high. Put yourself in their shoes, they want to maximize what they walk away with.
So do them and yourself a favor by coming to the table with a strong offer. By putting your best foot forward you’ll definitely capture their interest and improve your standing should it come to a tight final bout.
You know your budget and how far, if at all, you’re willing to stretch it. If it will end up within your budget regardless, and you have wiggle room within your pre-approved maximum, don’t hesitate. It could very well make the difference between walking away with your dream home, or nothing at all.
4. Don’t go at it alone
Now this one you may have seen coming, but it’s probably the most important. We get that hunting for a home can be a full-time job; and an emotionally exhausting one at that. That’s why connecting with an agent can be so valuable and relieving. Having an extra pair of trained eyes on the lookout, and having expert advice on demand can take immense pressure off the whole process. Being able to quickly jump on an opportunity can also make a crucial difference in a first-come-first-served environment.
The home buying process does not have to feel overwhelming, so don’t be discouraged. Our agents here at Williams & Stuart know just how important finding the right home means to you – and we’re here for you every step of the way. It’s our job to make sure you’re prepared to make the right moves needed to secure your dream home.
If you’re looking to get started or have questions going in, feel free to give us a call!
Contact us today @ 401-942-0200 (tel:4019420200)