Buyer Tips in a Sellers' Market
The local seller’s market is strong. Home prices continue to rise, and inventory is low in many price points. Mortgage rates remain low, enticing buyers to continue their house hunt.
Here are five ways to navigate the current seller’s market.
Stay on top of the game.
Responsiveness and communication are key. As a team, you and I will arrive at a clear picture of what you're looking and won't waste our time looking at homes that don't fit the bill. With my assistance, you'll have access to the same accurate, comprehensive, and up-to-date listing information that local real estate agents rely on every day. Your private, customized website will allow you to keep consistent tabs on new listings and jump on an opportunity as soon as a home hits the market.
Set clear expectations.
A low-inventory market is not a great time to wait for the perfect home to come along. You may need to adjust your expectations. Paint colors can be changed, and updating the home can be made in time, but things like location and lot size are permanent. You may need to buy outside of your search parameters and be prepared to accommodate the seller’s needs
Avoid looking at homes above your budget.
When inventory is low and competition is high, homes tend to sell for over asking price and bidding wars are common. If you’re already at the top of your budget and are asked to go even higher, you'll set yourself up for disappointment. Looking at home below your budget will leave you room to bid a little higher than asking if necessary.
Consider alternative neighborhoods.
Can you find a home that checks everything on your wish list that’s in the neighborhood or community? You may find more options if you're willing to expand your radius.
What can you do to sweeten the deal?
In the Fargo-Moorhead metro area, homes are frequently selling the same day they are listed on the market, with multiple offers. When sellers are receiving multiple competitive offers in such a short amount of time, anything you can do to help your offer stand out will put you ahead. Together, we will strategize to help you win the home you want.
Life as we know it has changed, and for how long no one can be certain. Using my real-world insight and advice will leave you confident in your decision to buy.