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Many homes are selling quickly – some in just a few weeks or less and some for more than the asking price. Bidding wars, where sellers receive multiple offers on their home, are common.
This type of environment, known as a seller’s market, often means there aren’t as many homes available, and sellers can keep prices high.
That doesn’t mean it’s a bad time to buy. Interest rates are still historically low, which could save you thousands of dollars over the life of your loan. Low rates may also give you more buying power, helping you afford more home for your money.
Our experts share 5 tips to give you an advantage when it comes to buying in a seller’s market:
Research the neighborhoods where you might want to live and the features you want in a home. Figure out which features are non-negotiable and which would be nice, but are not essential. Once you know what you’re looking for in a home, be ready to make an offer when you find it. Waiting in a seller’s market often means missing your opportunity.
Be sure to use an experienced realtor and mortgage lender. Having the right partners guiding you through the home-buying process can mean the difference between getting your dream house and missing out.
If you’re serious about buying, meet with a lender to get pre-approved, so you can be confident of your buying range. If someone else makes an offer on the home you want to buy, it’s important to know your limits, so you know where to cap your offer to stay within your budget. Having a pre-approval can help you get into your new home faster by letting the seller know you’re serious about what you can afford.
Unless you absolutely have to be in a new house by a certain date, don’t let the market environment cause you to be hasty in making an offer on a house that doesn’t meet your needs. It’s far better to take your time and wait for the right house, if possible.
It can be easy to get caught up in the emotions that come with buying a home. But even in a seller’s market, it’s important to minimize unexpected surprises by having the home inspected to be sure there aren’t any unforeseen issues. It’s also a good idea to check out the neighborhood to ensure your offer is not excessive.
If you’re even thinking about buying a home, contact one of our mortgage experts to get started!