These four tips will help buyers navigate our seller’s market.
To navigate this seller’s market as a buyer, there are four tips you must remember:
1. Let go of perfection. There’s no such thing as a perfect house, but there may be a house out there that’s perfect for you. Rather than wait for a perfect house in a limited inventory situation, look for a house that you can see yourself perfecting sometime in the future.
2. Set your budget and stick to it. This is not the kind of market where you can negotiate a price decrease. If anything, you may find yourself paying list price or more. Whatever your budget is, feel comfortable with it. It’s not worth getting a house if it’s putting you in financial distress.
3. Be decisive. Don’t wait until the weekend to see a home that’s just been listed. You want to be in that home within a day or two at the latest, and if you like, go ahead and pursue it. As I tell my clients, I’d never pressure someone into buying a house, but if you’re interested in one, there’s a level of urgency required to make an offer. This leads me to my last tip…
4. Make a clean and strong offer. There are certain strategies and tactics I’ve been using successfully for the past six years to help buyers win out in multiple-offer situations. Some of these tips include offering a very short option period, twice as much earnest money, or anything else that won’t cost you extra but will really appeal to the seller.
If you follow these four tips, you will close on a wonderful home that you can make your own. Then when it’s time to sell, hopefully you’ll be selling in a seller’s market too.
If you’d like to know more about navigating this seller’s market or have any real estate questions, don’t hesitate to reach out to me. I’m happy to help.