Thursday, May 19, 2016
Tips for House Hunting in a Seller's Market
In a seller's market there is an abundance of buyers in comparison to the supply of available homes. Imaginably prices skyrocket and multiple offer situations abound. How can you make your offer more appealing than countless others? Consider these easy steps to help ensure an ideal result:
1. Get Prequalified - Visit your bank to learn how much of a mortgage you can afford. Showing a prequal letter to sellers lets them know you are making a serious offer.
2. Look Around - Research all that is available then investigate the properties which are realistic matches for your budget.
3. Sharpen Your Pencil - Be prepared to fill in a load of paperwork. Mortgage lenders are cautious when it comes to lending money. Be prepared for the onslaught of questions by organizing your financial documents before meeting with the lender. This will help expedite the process and raise your chances of getting a good deal.
4. Pop in Frequently - Visit the neighborhood where you are considering purchasing a home to learn as much as possible. Regularly stop by the area at different times during the day. Talk to neighbors. Eat at the local restaurants.
5. Remain flexible - In a highly competitive market you might have to settle just a little. Make small concessions without simply settling. Focus on the features you want and need the most but shop with flexibility on your mind.
6. Negotiate - If several potential buyers desire the same property, make your offer stand out as the best one by providing an incentive. There are legally acceptable ways of doing this. For example, you might offer as much cash as you can, waive seller's fees, or decline seller-provided warranties.
7. Make a Strong Offer - Lowballing is out. Be in line with your competition by offering the asking price or higher. work with the seller to determine their preference on closing date and other contingencies.
8. Don't Oversettle - Even in a competitive market, you can feel if a property is the right fit for you. Go with your gut. Even if a home is in your price range, it might not meet the majority of your expectations. If you can't find something that works for you, wait out the hot market.
9. Find a Fabulous Agent - Some people think only a seller needs to use an agent. There are buyer's representative, negotiation specialists and professional agents who know how to get results. make sure you have a specialist working for you.
If you are considering purchasing or selling your home, reach out to us. The team of Kohan & Associates will be in your corner. Find us at www.Suncoasthome.com.