Even in a seller’s market, buyers can still get what they want. There are many ways for buyers to still have leverage or negotiate to get what they want out of buying a house.
The first thing buyers should do, especially in this market, is make sure you hire a trusted real estate agent that knows your area. Do some research beforehand about real estate agents in your area and talk to them about your wants and needs. You will find the perfect agent for you after discussing what you want and what they can do for you. A trusted real estate agent will help you move quickly and efficiently to get the house you want without blowing your budget out of the water.
Next, prioritize your budget and your wants and needs. You might have to sacrifice some wants in order to get more of the items on your needs list. Make sure you have a plan in order of your budget and how high you can go.
Also, do some research on how much you can afford for your down payment. There are many loan options available so take the time to read and talk to lenders about what is best for your financial situation. You might want to consider putting down a larger down payment that might beat other offers. This will make your offer stand out to the sellers.
Speaking of the financials, you might want to consider adding an escalation clause to your offer. An escalation clause means that your offer will outbid other offers up to a certain amount.
Have a set plan of what areas you would like to live in and if you would be willing to move a little further away to get more of what you want and need in your home.
To show that you are serious about buying a home and that you can afford it, get pre-approved. This will show buyers that you are more than just your word and that you will be there until the end and spend the money to get the home.
Always expect that a bidding war will occur during a seller’s market so make sure you plan ahead and draft up an offer with your real estate agent that could compete without blowing your budget.
As long as you have a plan and a great real estate agent by your side, you can still win in a seller’s market.