The idea of being able to find that one home that you have been dreaming of can be exciting. However, when you’re in a seller’s market, it can be a bit more difficult to find that home. Fortunately, we’re going to share with you eight of our best tips for getting that dream home, even in a seller’s market.
1- Get Your Down Payment in Order
Another thing you’ll need to show that you’re serious is a down payment. Whether you’ve saved up the money and have it in your bank account or you’re getting a gift from a family member, you need to have it sorted out for the mortgage lender. In most cases where you’re receiving the down payment money as a gift from a family member, you’ll need to have a formal letter written up from the giver.
2- Always Have Your Paperwork in Order
Before you even start looking at homes on the market, you need to talk with a lender to get preapproved. No seller is going to wait until you go through the process of getting preapproval to accept your offer in a seller’s market. You should have this paper in hand so that any seller knows that you’re serious about buying their home.
3- Know Your Budget
While the bank will give you a preapproval letter for a specified amount, that doesn’t mean that you have to buy a house close to that amount. You can always purchase a home that is cheaper than what you’re preapproved for. In a seller’s market, it’s likely that most sellers aren’t going to go down on their listing price, and they won’t accept offers where they have to pay for repairs. Take this into consideration when determining the budget for a potential home.
4- Expand Your Desired Zip Code
It’s very easy to get caught up looking at potential homes in one location. Unfortunately, this can cause you to miss out on great houses that are still relatively close to your desired location. Adding 10 or 15 minutes to your drive each day may be well worth finding your dream home at a lower price than the original area you were thinking about.
5- Know What You’re Looking For
It’s an absolute must to know exactly what you’re looking for when you’re in a fast seller’s market. You want to be able to tour a home and know right away if it’s the right fit for your family. It’s best to make a list of must-have features so that you can make better-informed decisions about whether or not you want to submit an offer.
6- Act Quickly
As a buyer, you’re at a disadvantage when it comes to a fast seller’s market. You need to be able to make quick decisions regarding what you want. Just taking a single day to think over the purchase could end up leaving you without the home as another buyer swoops in and gets their offer accepted. When you find what you want, get an offer in as soon as possible.
7- Don’t Take Everything So Hard
In a seller’s market, it can be frustrating, to say the least. It’s not uncommon to have a home you just found online yesterday go under contract before you can get in to see it today. Be patient and accept the fact that you’re not going to be able to see or even make an offer on every house that you find. There’s always going to be another great house to find.
8- Hire a Great Real Estate Agent
Your chosenreal estate agent is going to be the key to quickly finding potential homes. Be sure to hire an agent that is familiar with your area. They will be able to provide you with more options than you’ll likely find on your own.
