How to Navigate a Seller’s Market as a Buyer
Buying in a seller’s market can be tricky. Here’s what you need to do to stand out.
Today I’m going to give you four tips to help you navigate this seller’s market as a buyer:
1. Submit a large earnest money deposit. This is one way that you can make your offer stronger, especially when you’re competing against other offers. This doesn’t cost you any additional money. Your earnest money goes towards your down payment, but putting more money in shows the sellers that you have more skin in the game.
2. Get a pre-approval. It’s very important to get a full pre-approval for your loan in today’s market. I always recommend working with a local lender and an experienced real estate agent. The seller’s agent will be looking for your pre-approval.
"It’s very important to get a full pre-approval in today’s market."
3. Give the sellers time to move. If you’re able to, make an offer that tells the sellers if they need more than 30 days to move, they can have it. This might be the one thing that can help your offer beat out another with the same price and terms.
4. Write your best offer. In this market, we are not seeing the “deals” that we saw a few years ago. Buyers are paying market price for homes and it’s important to come right out of the gate with your best offer.
I hope some of this has been helpful to you. If you have any questions in the meantime, don’t hesitate to give me a call or send me an email today. I would love to hear from you.