A seller’s market is when there are more buyers than homes for sale. Currently, many parts of central Indiana are experiencing this type of market. In order to compete you need to make yourself an attractive buyer and also realize price is not the only factor.
What is one of the important steps to take before even making an offer?
Obtain a pre-approval over pre-qualification from your lender. Buyers want to know you can close the deal. Giving them a pre-approval letter signifies you are a solid buyer and very likely able to be approved. A pre-qualification is not an in-depth review and won’t convey the right message to the seller. Also, find a Realtor that knows the neighborhood.
If someone finds a home, what is an important move to make?
Be ready to make an offer quickly. You might need to make an offer while visiting the home or within a few hours after seeing it for some of the homes on the market today. Before visiting the home have your Realtor prep your offer so that you can make the offer perhaps even while still visiting.
What can make an offer that isn’t the highest bid be more attractive?
Limiting the number contingencies with one of the biggest being the need to sell an existing home. Another way to make your offer standout is to be flexible with the closing date. And another important way is to standout is to give more time for moving out after the closing.
How can you send a message you really want the house and won’t walk away?
Put down a larger earnest money deposit than normal. This shows the seller that you are willing to buy this home and are confident you can close and won’t walk away. It is important though that you are able to close the deal from being approved to perhaps needing to bring extra money to closing.
What is the most important advice for a buyer in a sellers’ market?
Make the very best offer with your first offer if you really want the house. Work with a great Realtor who will guide on this journey. In a sellers’ market, there is likely no countering and the first offer you submit will be the offer that is reviewed with all the other offers received. Remember being a preferred buyer doesn’t mean highest price but rather hinges on the best all around offer.