Across the nation, there is a housing shortage. More buyers looking to relocate combined with low inventory equals a seller’s market. Today’s buyers are also looking at low
How to Handle a Seller’s Market (As a buyer!)
Dated: May 22 2021
Across the nation, there is a housing shortage. More buyers looking to relocate combined with low inventory equals a seller’s market. Today’s buyers are also looking at low-interest rates on mortgages. In the Pocono Mountains, we are seeing a surge in home values of up to 27%. It is a great time to sell if you have been considering putting your home on the market.
Sure the sellers are having a great time, but what about the buyers? How many times did their offers get rejected? How disappointing was it to be a qualified buyer with solid financing, only to be outbid by a cash offer? It is a stressful time to try a buy a home in this current market. The competition is cutthroat. What can you do?
Ok before you decide to start shopping for homes, are you even ready to buy? You need to get your financial house in order. Work with a trust and local lender to get you set up. Figure out your budget, what kind of loan you can be approved for, and are there any financial skeletons in your closet you need to exercise. Financing is what will make or break a deal. When you work with an experienced lender, they can help the dream become a reality.
Properties are not sitting very long on the market. As soon as your real estate agent sends you a great listing, make your showing time asap. See it that day if possible, Understand that buyers are purchasing homes above ask and often site unseen. You can’t wait on it. If the home fits your needs, go see it. You may need to act quickly in putting in your offer. Listing agents often have deadlines for the highest and best offer. Sometimes this deadline is under a week of being on the market. Financing needs to be ready so that you can swiftly put an offer in.
Make an Offer
Make them an offer they can’t refuse! Ready to put in an offer. Great, but this isn’t a time to lowball. Below list price, will be laughed at and you will not be taken seriously as a candidate. Offer a fair value with limited terms. If you have bizarre or unreasonable requests, it just will not go over well. Listing agents are reviewing multiple offers on properties, why should your offer be selected. This is why working with an agent is vital to your success. A realtor can help you put together a competitive offer that will have a higher rate of acceptance.
Notice the pattern here? Work with local and trusted professionals in your market. This is an exhausting and often emotional experience. Allow them to do the heaving lifting to help take the stress out of this major purchase. The last thing you want to experience is buyer’s remorse. Look for people who have your best interests at the heart of what they do.
Jennifer Mazzell was born and raised in New York. Her passion for art and education lead her to a teaching career for nearly 20 years. In addition to being an educator, Mazzell ran an art studio for 5....
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