Buying Tips in a Seller's Market
The market right now is a little bit crazy for buyers. Prices are high and homes are selling like crazy. We are no doubt in a seller's market right now. Buying a home in 2021 is difficult, but not impossible! With a thought out plan and some patience you'll be able to find the home for you! If you're hoping to buy a home in this market, these tips will be useful to you!
1. Get preapproved
Getting preapproved is so important. This will inform you of your buying power before you start the buying process. You don't want to be looking at homes that you can't afford. Also, your offer will have more credibility than people's that didn't get preapproved!
2. Make it personal
A majority of your interactions with the sellers will more than likely be through your guys' agents. Since you're working with a real person, a personal letter can go a long way. If you have a heartwarming memory associated with the area the home you're looking at buying mention that. Even if you don't have some type of memory, a letter about how much you love the house could really work in your favor.
3. Be ready to act
In this market, homes are flying off the market. When you find a home you love make sure you're prepared to put up an offer because you won't have much time to act. Be sure to make an informed decision when buying, but don't dilly dally and miss an amazing opportunity.
4. Keep your down payment liquid
Investing money for a down payment can be risky. It makes sense to want to invest that money, especially if you have a large chunk, but if you find a place you love tomorrow, that money will be tied up. Keeping that money in a high-interest could be your best option.
5. Don't bother with a lowball offer
In this kind of market, you need to come with your best offer. There will probably be a dozen or more offers on the home or property. Coming with a low offer will do nothing for you.
Overall, a seller's market is very difficult to buy a home in, but it isn't impossible. Remember that a sellers market can put pressure on buyers to buy a home quickly, without being sure it’s the right one. You can’t dilly dally with your home search during these times, be sure you think it through and do your research.