Looking for tips for home buyers in this seller’s market? A seller’s market of any kind is a marketplace in which there are fewer goods available for sale than there are buyers seeking to purchase those goods, which, in turn, usually allows sellers of the goods to dictate the prices. And that’s exactly what we have in the real estate market across the country right now. Inventory is low, demand is high, and prices are rising. With a market like this that favors sellers, buyers need to deploy strategies that will give them a competitive edge. So here are 4 tips for Greater Cincinnati home buyers in this seller’s market.
1. Start Your Search Early
One of the chief earmarks of a seller’s market is low inventory. Listings are fewer, and more buyers are competing for the fewer homes for sale, which means that homes for sale don’t stay on the market long. So you need to start your home search as soon as possible, being persistent and ready to act quickly.
Moreover, as tips for home buyers in this seller’s market is that you also need to get as much information on potential homes as possible, such information as property reports, disclosures, due dates, and so on (another reason to start early). Then pay attention to open house dates and keep your schedule open. An experienced Greater Cincinnati agent can assist you with this. To discover more, just call (513) 813-6293.
2. Get Pre-Approved
You may know without a doubt that you can get a mortgage loan in the amount you need to buy a house, but the seller doesn’t know that. If, however, you get pre-approved for a mortgage, the seller can rest assured that you can get the requisite financing. And this becomes even more important in a seller’s market.
Pre-approval involves your submitting a mortgage application, complete with all the verifying documents, especially all your financial information. Then, after you’ve been pre-approved, you’ll receive a pre-approval letter stating the amount you are qualified to borrow. And then when you make an offer, you can show the pre-approval letter to prove to the seller that you are indeed a serious buyer.
3. Make Your Offer Attractive
Other tips for home buyers in this seller’s market to get a leg up in this seller’s market is by making their offer more attractive than the other offers. Multiple offers are common in today’s market, so to make your offer stand out as the most attractive one, you can . . .
- Offer slightly more than the list price
- Offer a larger earnest money deposit
- Avoid requesting favors like the inclusion of kitchen appliances at no charge
- Ask for few or no concessions
- Submit a pre-approval letter with your offer
4. Be Flexible With Your Timeline
Being flexible with your timeline, especially with respect to closing and taking possession/moving in, can also give you an advantage in this seller’s market. Here’s an example . . .
It often happens that a seller needs to remain in her home after the close of escrow – and, to make your offer the best one, you can allow her to do that. Such an arrangement is referred to as “rent-back” or “lease-back.” The standard period of time for the seller to remain in the home is usually 29 days or less. This allows the seller to find or move to the new home at a more leisurely pace.
There are some risks here, so be sure to consult your Greater Cincinnati agent at (513) 813-6293 before entering into such an arrangement.
And Work With a Local Greater Cincinnati Agent
If you’re buying a home or Cincinnati area property Team Sztanyo has the experience you need to help make the buying process easier, less time-consuming, and we’re on your side to help make sure you get the best deal while we worry about all of the details.
Either way, countless local homeowners and investors trust Team Sztanyo to help them wade through the real estate buying and selling process while keeping more cash in your pocket and helping you save the time and headache of working with less experienced brokers.
If you have questions like: How do you win an offer on the seller’s market? Can you offer less in a seller’s market? Then give us a call! We take the time to listen to your concerns and answer any of your questions here at Team Sztanyo, with no obligation. Contact Team Sztanyo at (513) 813-6293 today!