9 things a Buyer needs to know in a Seller’s Market
Here in Las Cruces, it is a definitely a seller’s market right now. Home buyers are waiting, watching, and quickly buying homes almost as soon as they come on the market.
The Bruder Real Estate Team has put together nine things you should know to make an offer on the home you want, and get your offer accepted.
After you watched the video, take your time and read the video transcript below
Here in Las Cruces, it is a definitely a seller’s market right now. The inventory of homes for sale is at their lowest levels EVER. Home buyers are waiting, watching, and quickly buying homes almost as soon as they come on the market.
Many home buyers are disappointed when sellers reject their offer in favor of someone else’s offer. Often a home will sell before a potential buyer had time to write an offer at all because they were not prepared.
The Bruder Real Estate Team has put together nine things you should know to get ready and able to make an offer on the home you want, and hopefully help you get your offer accepted.
#1. Get A Mortgage Pre-Approval, Not Just A Pre-Qualification
Before you start searching for a home, getting a mortgage pre-qualification letter is a must, but a pre-approval is a better choice.
With a pre-approval you have given your lender everything they need in order to ensure that you qualify for a loan, and they have given you a letter with a firm amount that you can borrow.
#2. 3. & 4. Go together
FIRST: you need to work with the best Realtor.
SECOND: you should have a written list of your needs and wants in your home.
THIRD: you and the realtor need to do your research before and during the period you are looking at homes.
In a seller’s market, you need to know as much as possible when you sit down to write-up an offer to the seller. Choosing the right agent to represent you is a must.
You should have a written checklist of all the things that you NEED in any home you buy and a list of all the extra WANTS you would like in your home. In a seller’s market, you may have to focus on just the needs.
Next, you and your realtor should begin researching. Look at listings online – generally your realtor’s website will give you access to the MLS data and your realtor can also set up a personalized alert system to notify you as soon as new listings come on the market.
Your realtor is crucial in a seller’s market. If you want to make an offer, a good realtor will know the prices and values of all of the comparable competing homes currently available and recently sold, and the Realtor can advise you as to the fair market value of the home. Your realtor will guide youin making an offer with the best price and terms for you, and at the same time one that will be attractive for the seller.
Finally, you need your realtor to be an expert negotiator so that you end up with the best deal for the home you really want to buy.
#5. Is a word of advice: Stay within your budget.
Do not look at homes out of your price range. Do not necessarily even look at homes for the full amount you have been approved for. Leave yourself money for additional expenses. When homes are selling fast, you have to expect that you will probably need to offer close to full and fair asking prices.
There are some little things to do that can help you get the home you want in this seller’s market.
#6. Be Flexible On Timing
If you can find out why the seller is moving it can help you determine what kind of closing date to offer. With some sellers they may want to move fast , others need more time.
#7 You should Look for the potential In every home.
You may find a gem at a great price if you go in with an open mind. In a seller’s market, look for the homes that haven’t sold quickly. You may need to overlook certain things, remember that you can paint walls, add new flooring, change out fixtures, and change the landscaping. If you can see the potential that others do not, then chances are, you may be able to get a good home at a great price.
8. Hesitation can cost you the home you want.
If you absolutely love it, don’t hesitate to make that offer. After you and the home seller come to terms, there are contingencies like a home inspection, an appraisal, and a survey in your offer that allow you to negotiate the problems or cancel the contract.
#9 is a reminder. Don’t Buy A House You Don’t Love.
Although you should be willing to compromise on some of those wants you hoped for , make sure you get all your needs in the home and that you are happy with your choice.
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