Realty Biz News published an article recently providing tips for home buyers purchasing a home or condo in a seller's market. With low inventories in many real estate markets across the country, home buyers are finding themselves not only dealing with the every day stress that comes with purchasing a property, they are also dealing with added stress of purchasing in a seller's market.
This article highlights some tips to help alleviate this stress and put yourself in the best buying position possible.
Tip 1 - Determine a budget and stick to it
The first step in the home buying process is to get pre-approved for financing if a home buyer will need financing to purchase a property. This process will determine how much of a home you can afford and will take into account all the additional costs associated with a property purchase. Be prepared to submit your pre-approval to the seller with your purchase offer.
Tip 2 - Get honest about wants and needs
Home buyers should seriously evaluate what they must have versus what they would like to have in a home. Take into consideration cosmetic items such as stainless appliances or tile or wood flooring can be changed or added later. However, location, school district or lot size if important, need to be determined up front.
Tip 3 - Be Prepared to Act Quickly
When real estate markets experience low levels of inventory, properties tend to sell fast. It's very common for home sellers to receive multiple offers when there is little competition on the market. Buyers need to move quickly when they find a property that meets their needs.
Tip 4 - Make Your Offer Stand Out
In a seller's market, buyers need to be prepared to make their highest and best offer up front staying within your established budget. Many buyers ignore this advice, only to later regret their decision after losing the property for only a few thousand dollars. In addition, make your offer with as few conditions as possible. Very often Sellers turn down a higher offer in favor of a lower offer with less and/ or better terms and conditions.
Tip 5 - Work with a Realtor®
Read the full article here.