Are you looking to buy a home and have been told its a Seller’s Market? That means there are more people looking to buy than there are available homes. Typically, this means a short supply of homes with prices moving up. If you are on the buying side, you need to be prepared. Hopefully, you are working with a realtor who can get you the real statistics on unsold houses and the time it is typically taking homes to sell. If the average time to sell is less than 4 months, it is usually a Seller’s Market. What can you do as the Buyer?
- Determine your priorities. Is it location, size, number of bedrooms, two-story or one-story, size of lot, garage? You can make your and your realtor’s search a lot more efficient if you and your mate have already come to some agreement about priorities. Too often couples start looking at houses and find they have totally different ideas about the house that would work for them.
- Have your financing in order. Not only get pre-approved by a lender but also get all of your other paperwork together and submitted. This will help avoid any nasty surprises. Be honest with your realtor about the price range you that makes you comfortable and what your real maximum price is. Sometimes, if you are willing to go up even a small amount it will open up a lot of other housing possibilities.
- Be prepared to make decisions quickly. In a Seller’s Market there may be other buyers who are looking at the same properties. If you wait several days to make a decision, the property may already by under contract.