HOW TO WIN IN A SELLER’S MARKET
If you have been looking for a home lately I don’t need to tell you we are in a seller’s market. It’s frustrating to see a home you love and want to buy only to be told that it is already under contract.
Historically a balanced market, where neither the buyer or seller has a significant upper hand is a six month supply. In it’s simplest terms that means if there were 6 homes available for sale in a market and 1 home sells per month it would take six months to sell the existing inventory. If there were 7 homes available in this example it would be a buyer’s market. If there were 5 it becomes a seller’s market. You get the idea.
Currently we are under a 1.5 month supply! That means it’s a great time to sell and a really challenging time to buy.
Rather than get frustrated and quit, be prepared. I have a three part plan that significantly increases success when buying a home in a seller’s market.
Be ready - Know how much you are willing and qualified to pay for your new home. At a minimum a basic pre-qualification is a must if you are going to be borrowing. Know that a more detailed qualification from the right lender can put you in a better position when you are up against other offers even cash offers. If you are paying all cash make sure your agent knows the details and have a proof of funds ready ahead of time.
Move quickly - Identifying specific neighborhoods, criteria and even models of home you want ahead of time. It will help you decide quickly and how much you are comfortable offering. To move quickly requires knowing about a house as soon as it comes available. As an agent I stay on top of each of my client’s specific search so we can move on it right away.
Stand out - Today sellers have the luxury of often considering multiple great offers. It’s essential to stand out. The highest offer doesn’t always win out. Seller not only want to get top dollar they want to make sure it will close on time and that the process moves smoothly. The best buyers stand out.
There is a lot more detail within each of these and since every buyer is different the details will vary. Contact me and let’s discuss what buying with me will mean to you.
- Glenn Tysvaer