Buying Tips in a Sellers’ Market
10 Tips for Success
I am offering 10 tips for buyers to best position themselves in a fast market with a lot of competition. So here you go! Let us know if you’d like to connect to chat about this more. We are always here to help.
Tip 1 | Be pre-qualified
Also, have your entire financial snapshot in order. This is always important, but right now it is crucial.
Tip 2 | Have as much for your down payment as possible
Parents helping? Great! This is super common! Have it all worked out and the cash transferred to a liquid account that the lender can see when they assess your snapshot. More money down looks better to sellers. More skin in the game and more forgiving loan products are available with more cash upfront.
Tip 3 | Know the difference between want and need
It is always the case that we may get all of our needs and some of our wants.
Tip 4 | Be prepared to offer list or above
Especially important if you are asking for closing costs. A full-price offer is not full price if you are asking for closing cost assistance. Be prepared to offer above asking to work those in if you would like the seller to pay them.
Tip 5 | Read reviews
This is not the time to work with your friend’s husband who is a new part-time agent. I know! I’m sorry, and we all need to start somewhere. But in this market, you need strong advocates who are full-time agents ready to hop in the car and meet you quickly, before your dream home is gone. There is truly not a moment to spare right now. You must get in and get that pen to paper. This is a hard time for folks who are working with agents who have a day job!
Tip 6 | Be ready to let go
This means if that home is not for you and there are major defects found that the seller will not remedy, make sure you are in a position of not NEEDING to move right this sec if at all possible. This might be the hardest one! It breaks our hearts to see folks in a position where they have no leverage to walk at all, despite serious defects discovered because they don’t have flexibility in their lease.
Tip 7 | Grab your toolbox
Sellers are less likely to remedy nitpicky-feeling requests from buyers in this market. Have your toolbox ready. You may be fixing that broken door-closer yourself if you really want that house. And this can be ok!
Tip 8 | Time isn’t on your side
Ask your landlord before you start looking if you can do a month-to-month with 30 days notice if your lease is running out. People think money is the biggest stressor in RE, but that is not the case. It’s time. Time is the cause of almost all stress within these transactions. Buy yourself a bit, and that will help us assist you in making the best decisions possible for yourself and those in your household.
Tip 9 | Speed is key
Ask your agent if their Broker is available for backup. When things move fast, speedy answers are key. If your agent works at a company where the broker answers emails once a week or comes in twice a month to do supervisory duties, this might be trickier for you. In other words, your agent’s broker should be boots on the ground too, ready to advise around any situations that are odd and need a quick turnaround to keep you in the game.
Tip 10 | Don’t forget about Home Warranties!
Hopefully, you have an amazing agent who understands the power of these insurance policies to close the gap in negotiations. And hopefully, they have a relationship with the most responsive and excellent folks. We do! So if there is that gap in a meeting of the minds over an old refrigerator or a functional HVAC system that is nearing the end of its life, remember that these policies can really help us get you in the home that you want with as little risk as possible.
Bottom line?
We are great at getting our offers accepted by advising our clients what it takes to get it done. Let us know if you are thinking of purchasing. Interest rates are low, but lots of competition right now for buyers. Winning the bids is our specialty.
It’s never too early to start preparing so give us a shout at heythere@blueridgefineproperties.com and we’ll talk to you soon!
