How to Find the Best Deal on a Home in a Seller’s Market
Sellers Market
If you are looking to buy a home in what is considered to be a sellers market, it can be a tough road ahead.
Since there will be fewer homes available for sale than there are buyers wanting to make purchases, sellers often have the upper hand. However, it doesn’t always have to be this way.
If you want to get a great deal on a home in a sellers market, follow these steps to save yourself plenty of money and time.
Pre-Approved Home Loan
If you want to take the lead in purchasing the home of your dreams in a sellers market, get pre-approved for a home loan.
Usually takes no more than 24 hours, having this could be an ace up your sleeve.
By having pre-approval before you make an offer on a home, you demonstrate to the buyer that you are highly-motivated, not wasting their time, and are ready to move forward with the purchase.
Hire an Experienced Agent
Along with getting pre-approved for your home loan, also do everything possible to hire a local Realtor who is experienced and knowledgeable about the real estate market in your area.
Since your agent will have plenty of details about the neighborhood and the property itself, they can negotiate a great deal on your behalf.
Make a Large Down Payment
Also known as good-faith money, being ready to make a large down payment on a home can send you past your competition and convince the seller to go ahead with letting you purchase the home.
This can be a critical step when you are vying for property in a sellers market since this demonstrates your commitment to buying the property as quickly as possible.
Be Willing to Compromise
Finally, show a willingness to compromise and make a concession or two if needed during your negotiations with the homeowner.
Since your real estate agent will probably be negotiating on your behalf, make sure they are aware of any concessions you are willing to make to seal the deal.
For example, you can always put aside your demand to have the seller paint their house or fix up a deck.
After all, you don’t want what is essentially a minor detail to derail your home purchase.
While you may have to work a bit harder in a sellers market to get the home you want at the price you can afford, using each of these valuable tips will put you closer to closing on your dream home.
Category: Housing
