The home buying and selling marketplace changes every year, but right now, it’s a seller’s market. If you’re a buyer, that means you don’t have as much bargaining power as you would have a few years ago, and there are a few things you need to keep in mind to ensure that you have the best possible experience when it comes to purchasing your new home. Below are some of the most important tips you need to remember to make the process go as smoothly as possible and help you find the home of your dreams, too.
Find out about finances ahead of time: One of the best ways you can prepare for the home buying experience in a seller’s market is to know exactly how much you can qualify for in terms of a home loan before you ever start looking at your first house. While it’s true that looking up this information will slightly lower your credit for a few months following your initial check, most lenders will be willing to forgive this when they see that your reason for the initial credit check was simply the beginning of your home buying process. Going into the shopping experience with a solid budget idea can make the whole situation a lot easier.
Talk to a local realtor: When you’re buying a home in a seller’s market, you need all the help you can get to ensure you get a good deal and find the home of your dreams. With a realtor to help you along every step of the way, you won’t make any mistakes or miss any opportunities. It’s also a great idea to work with a realtor who knows your area well and can help you find the perfect neighborhood in which to settle down.
Be flexible with your must-haves list: While every home buyer would love to find the home of their dreams, sometimes there are a few must-haves you may need to put on hold for a little while in order to find something that works for you in a seller’s market. For example, you may be searching for a home with three bathrooms but can only find good ones with two in your price range. If you’re able to be a little flexible, you can always put in a third bathroom later on.
Understand you might not get the first home you pick: In a seller’s market, buyers are not always able to get the first homes they decide on. It can be tough not to fall in love with a home when you’re looking into buying it, but try to remain as distant from the process as possible until your offer has been accepted. There are a lot of offers out there, and yours may not end up being the best when it comes to the first home you choose. But don’t lose heart if this happens! There’s always a home out there for you.
The housing market is hot this year! If you are considering buying a home, don’t wait. Interest rates are still at an all time low and we can help you find the right home in a neighborhood that fits your need and lifestyle. Contact Us to get started.