Buyers Tips in a Seller’s Market

Buyers Tips in a Seller’s Market

As my team’s lead buyer’s agent, I work exclusively with buyers in the hopes of finding them their dream home. My buyers quickly become aware of how serious a market this is when they don’t get the house they really want. As their agent, I advise them on the right course of action to get their dream house but sometimes it takes losing a home or two for buyers to really understand this market. Here are a few tips you can use in this market to win the house the first time instead of losing out on multiple homes.

When your Realtor sends you off the available properties for you to go look at don’t wait till the weekend. If the home appeared in your inbox that morning then you need to see it the same day and the earlier the better. There are at least five buyers for every house on the market which means you’re not the only one that knows that house just hit the market.

When reviewing the homes your Realtor sends you really decide what’s worth looking at. You know the square footage, beds, baths, and look that you want. You know if you care if the kitchen and baths need to be updated. The number of garage spaces, etc. Don’t waste time looking at something that “might be” right and instead focus on what “will be right”.

If you happen to find “the” home to go see and you absolutely know this is the one without walking into it let your Realtor know. Have your Realtor write the offer before you show up to the property. If the contract is written and all you have to do is adjust the numbers this means you can have an offer to the listing agent within 30 minutes of stepping foot into the property of your dreams.

Don’t ask for a dime in closing costs. If you want to negotiate by all means go ahead but you’ll quickly find out that sellers aren’t negotiating and you’ll lose the house you wanted. As you continue to negotiate you’ll continue to lose the house, after house, after house until you realize that the seller wants to sell their home and net the most profit possible; this means not paying for your closing costs.

The sooner you close the more likely your offer will be the one that gets accepted. Sellers don’t want to wait 40 or 45 days to close their home. They want 30 days or less. The faster the better because they too know what this market looks like and they don’t want to miss out on their opportunity of finding their dream home.

Bring your checkbook! Only serious buyers bring their checkbook when looking at homes. If I’m going to present an offer to a listing agent I have to have proof of earnest money which means a photo of the check. Also make sure you have a lender letter available to be presented to the listing agent as well. Checks and letters go hand in hand if you want to win a home.

Last but not least remember that no negotiating part earlier? It stands true with price. An ideal contract will be asking price or better. The closing will be 30 days or sooner from acceptance. Don’t ask the seller for help with closing costs. If you follow the steps above and make a clean offer your shot at winning will go up exponentially.

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