Real estate prices are extremely high throughout the country and very competitive. It can be very difficult for investors and future homeowners to find a property and quite frustrating since properties don’t last long on the market. But if you are in the market looking for a home, there are a few tips that you should consider in order to have a competitive edge over other buyers.
Get Started – The first thing to do is to get started. It is advised that anyone who is trying to buy in a seller’s market already have a location, neighborhood, or area picked out. This will make the process much easy to pick a property that most interest you. In addition, it will eliminate a lot of time with an agent to do searches. Make sure your agent get a list of the properties that are available in the area of your chose, then have them to get all the information on the property and neighborhood.
Get Approve – Once you know that you are ready to jump into the market and buy a property, it is wise to have a preapproval letter ready. In a strong seller’s market, most buyers already have their finances in order and a preapproval letter prepared by a lender. You want to also have a letter or proof of funds letter together as well, just in case you want to put in an offer. Once you find a property that fits you, submitting in an offer is crucial. Speed is the name of the game. There may be only a few days when offers are submitted and you want to be prepared and ready.
Make Offers Strong – If you find a property that you like, go ahead and submit a strong offer. Remember in a hot market, there may be multiple offers and the seller’s agent will pick the best offer for their client. You want to have your offer price strong, maybe a little higher than the asking price. Also you may want to consider a strong EMD and a quick closing. Another thing is sellers or seller’s agent will look at contingencies, that may be a deal breaker. Because it is a strong market, sellers would rather chose offers that are simple with less contingencies.
In conclusion, buying in a sellers market can be extremely overwhelming and daunting. But it doesn’t have to be so stressful if you prepare. It is important to be prepared and ready to move fast if you find a property that you like. Following a few of the tips that are listed above will put you in a better position to get the property that is best for you.