How to Be Competitive in a Seller’s Market
Buying a home in a seller’s market can be a challenging feat. With higher housing prices and more buyer competition, seller’s markets foster a stronger sense of urgency and contention among today’s house hunters.
At Mark Spain Real Estate, our industry experts offer exclusive market insight to help you navigate a seller’s market. From contractually planning your offer to winning a bidding war, we can help bypass the competition and strategize your purchase perfectly. Read below for our comprehensive guide on how to be competitive in a seller’s market.
How to Be Competitive in a Seller’s Market
Know Exactly What You Want in a Home
Things move quickly in a seller’s market, so it’s important to start your house hunt knowing exactly what you want in a home. Otherwise, you might miss out on your dream before you even have time to make an offer. Determining exactly what you want and need from your next home will allow you to make quicker decisions on listings.
Working with an experienced real estate agent like Mark Spain Real Estate will help you narrow down your home checklist before you start looking at listings. Whether you need a big backyard for your pet or want to be close to quality schools, ask yourself what you’re looking for, and our agents will help filter your home search accordingly.
Get Pre-Approval
Getting pre-approval on a mortgage is one of our top tips for first-time home buyers, especially in a seller’s market. Not only does getting pre-approval determine your affordability, but it also shows sellers that you are serious about making an offer on a home. However, you should always assume that other buyers are just as “offer-ready” when searching in a seller’s market.
As a serious buyer, consider pre-approval a safety net for potential bidding wars. If you make an offer on a home with multiple offers already on the table, your pre-approval could give you a leg up as it shows your commitment to securing a home and allows the buying process to go smoother for all parties involved.
Keep Your Offer Simple
Most buyers have their fair share of deal breakers in a home sale. However, outlining these contingencies in your purchase contract can hurt your chances of securing a home in a seller’s market. When surveying offers, sellers may view extensive contract contingencies as red flags, as they could cause the deal to fall through. Therefore, if multiple offers are on the table, they might choose one simpler and easier to execute. To present a more competitive and appealing offer, keep contingencies at a minimum and let the seller know how flexible you are with pricing, contingencies, and closing schedules.
Consider a Cash Offer
Cash offers reap many benefits for eager home sellers. From faster, more flexible closings to no risk of third-party appraisal hiccups or underwriting delays, cash offers appeal to sellers looking to close quickly and start their next chapter. As a buyer, extending a cash offer could help you stand out amongst the competition, especially in a seller’s market. Not only does a cash offer show you are well-qualified and financially ready, but it also lets you avoid extra fees and interest from a mortgage loan.
Hire an Experienced Real Estate Agent
As a home buyer, one of the worst mistakes you could make is to skip hiring a real estate agent. Though you might want to save on commission fees, we assure you that a real estate professional is worth the investment. An experienced real estate agent will have a pulse on your local market which could give you a major leg up as a buyer. Saving you valuable time and money, a real estate agent can connect you with a network of industry professionals to expedite your purchase, like reputable lenders, inspectors, insurance agents, and more.
At Mark Spain Real Estate, our agents can make buying a home in a seller’s market much easier with our valuable market knowledge and home-buying strategies. Additionally, we can help you with refining your dream-home checklist, getting pre-approval, and submitting the perfect offer.
Buy in a Seller’s Market with Mark Spain Real Estate
Are you buying a home in a seller’s market? The industry professionals at Mark Spain Real Estate are here to help you bypass the competition. With decades of industry experience in some of the southeast’s most popular markets, our team of expert listing consultants can help you start your next chapter, hassle-free! Check out our Guaranteed Offer Program for the potential to receive a competitive cash offer on your home in only 21 days. Contact our agents today!
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