4 Tips for Getting a Great Deal on a House in a Seller’s Market

Wednesday, September 9, 2020, 6:00 AM | Leave Comment

As exciting as it can be to own a home, the process of buying that home can be somewhat stressful.

This is especially true during a seller’s market, as it can seem like houses keep getting bought out from under you.

The good news is that there are still good deals to be had, even in a competitive market.

With these tips, you’ll be able to get one step ahead of other buyers and get into the home of your dreams at a price that you can afford.

  1. Know the Season

    Although seller’s market conditions can happen any time of year, there are still certain seasons when homes don’t sell as fast. Even though there is typically less inventory during these slower seasons, if you’re willing to make a few compromises, you can often find a great deal because you’ll have much less competition. Anytime during the fall and especially the winter is an ideal time for deal-seeking home buyers to strike.

  2. Work With A Realtor

    Trying to go it alone when purchasing a home can cost you thousands of extra dollars. In a competitive market, you need to partner with the best realtor in your area so that you can move quickly when a home comes up for sale. Considering that you don’t have to pay any fees to the realtor as the buyer, there’s no reason not to have some professional assistance on your side.

  3. Make It Personal

    If you pursue a home that you know has other offers on it, it can sometimes be helpful if you make your offer personal. By including a letter and perhaps a photo of you and your family, you may successfully demonstrate your need for this home so that the seller will pick your offer over other offers, even if the other offers are higher. While this approach doesn’t always work, it certainly doesn’t hurt to give it a try.

  4. Act Quickly

    In a seller’s market, speed is the name of the game. Due to real estate connections in your area, some homes may be sold before they even hit the market. Therefore, when a home does come available, you need to have everything in place so that you’re ready to make a solid offer as quickly as possible. While you still might not get the home you want by acting quickly, it gives you a much better shot than if you try to enter a competitive market unprepared.

Persistence is another important quality to have when buying a home in a seller’s market. If you don’t get the first home that you make an offer on, you have to be willing to pick yourself up and keep looking for other homes.

Otherwise, your home search could be much longer than anticipated and you will find that you aren’t satisfied with the home you do finally buy.

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