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How To Survive This Sellers Market
Dated: April 21 2016
There is no denying it-this is probably the biggest seller's market we have seen in quite a while. Analysts anticipate that things will be looking this way for at least another year, possibly two.
In a seller's market, home buyers need to be willing and able to act fast to snag the home they want. This spring, areas across the country are facing a limited number of homes for sale. What is a buyer to do? Listed below are a few strategies that might give you an edge.
Be on Call and Ready to act! Homes are literally flying off the "shelves". It is common for a property to sell the same day it hits the market. Multiple offers are the norm and unfortunately, there is no time to contemplate - if the home seems like a fit, submit an offer, and then keep looking! It's ok to have multiple offers submitted, it doesn't cost you anything.
Have proof of funds ready Before you even start to look at homes, get with your lender to be pre-qualified. Even better-ask that your file be sent to underwriting right away so that the process can begin. This can save time to close, which is very attractive to a seller and most lenders have no problem doing this. They can provide a letter stating that all documents are in place and all that is left is a contract and home appraisal.
Limit the contigencies I'm sorry guys-there are just too many buyers out there to try to ask a seller to jump through hoops for you. Your Realtor will certainly do the best they can for you, but sellers are looking for the easiest transaction with the fewest hurdles. Don't even bother to lowball-always put in an aggressive offer. In multiple offer situations, the seller asks for "highest and best"-and they mean it. Don't go in thinking you may have a chance at a counter offer-you won't get it.
Don't be tempted to over pay Be prepared to walk away! Try not to get emotionally attached- Homes are selling for 100% or more of their listed sales price, but banks are taking a very close look at these values and many are not appraising for the inflated sales price.
Lower your expectations It sounds terrible, I know! You want your new home to be PERFECT, but sellers are less willing to make minor repairs. They don't have to. If you don't mind having the perfection happen AFTER you move in, consider looking at some "fixer upper" properties. This is also a great opportunity for you to make the space your own.
Most important Don't give up, don't get frustrated and TRUST in your Realtor-we are here to watch out for you, and to find that forever home..... Even if it takes "forever" to find it!
** taken in part from Realtor.com Buyer Cheat Sheet for a Seller's Market