Buying in a Seller’s Market

You hunt for your dream home and finally you think you’ve found it- the perfect home for your family! Your real estate agents pour over market statistics and comps, you do some digging to find the seller’s hot buttons, you craft the most beautiful offer letter ever written, and then…you get the call.

“We’ve received multiple offers on this home. Please submit your best offer by end of business day tomorrow.”

You know what that means? Let the battle begin.

In the Seller’s market we are currently in, the scenario above is one we’ve seen a few times this year. Short of putting battle gear on, here are tips for buying a home in a Seller’s market.

BE READY.

With low inventory of homes contributing to fewer days spent on market, it’s more important than ever to be prequalified so that you are ready to write an offer at any time. An offer with a prequalification letter looks stronger and has a better chance of being accepted.

PRIORITIZE.

Being clear on your wants and needs is especially important in a seller’s market. With fewer choices, you may have to compromise on some of your wants, however you should never compromise on your needs. So work with an agent to clarify what you want in your next home and what your must-haves are so that your agent can promptly schedule a showing before others get a glance.

EXPECT COMPETITION.

Multiple offers are back and homes with the best pricing, in the best condition, and in the best location go first.

BE AGGRESSIVE.

In Northeast Tarrant County’s hot real estate market, it’s important that your offer stands out in a multiple-offer situation. If you want to present yourself as a serious contender for a property, do not make a lowball offer. Be prepared to go over list price and try to stay flexible on time. On top of an aggressive sales price, consider being flexible on your close date – ask your realtor to find a date that is advantageous to the seller.

Buying a home in today’s Seller’s market will be hard without gaining some good advice. Having a great team behind you is a great way to start. Let Minteer Real Estate Team know if you need help getting in touch with a respected loan officer, title company, etc. We are here for all of your real estate needs!