Without a doubt, it can be difficult to find a good deal when you are faced with a real estate seller’s market. When such a market exists, there is typically a lack of housing on the market, as compared to the number of interested buyers. This creates a condition where nearly every property sells quickly, and sometimes for more than the asking price. If you are a buyer on the hunt for a good deal in such a situation, it is easy to get discouraged.
With that said, you don’t need to give up hope right away. We’d like to present a few tips that you can keep in mind when trying to uncover a great deal even in a seller’s market.
Seller’s love to work with buyers who have everything lined up and ready to go. If you can make an offer with your financing organized so the seller won’t have to wait and worry whether or not you’ll be able to get a loan, you have a better chance of landing a property. Sellers want to get top dollar for their property, of course, but they also need to select an offer that is actually going to make it all the way to closing.
You May Have to Act Fast
Yes – buying a home is a big decision. No – you don’t want to have to make big decisions in a hurry. Unfortunately, in a seller’s market, you may not have the luxury to sit around and deliberate while a property remains on the market for others to consider. When there are more buyers than sellers, acting quickly is going to be in your best interest.
Make It Personal
Homes are about more than dollars and cents. Most likely, the homes you will be trying to buy have been loved by their previous owners, and countless memories have been made inside the walls. With that in mind, consider writing a letter to go along with your offer. Explain why it is that you want the home, and what you love about it. A personal letter may not make up for a huge gap in offer prices between two bids, but it could tip the scales in your favor if you are competing with someone who has bid a similar amount.
Whether you are looking for a house flipping loan to attempt to make a profit by fixing up a property, or you are simply purchasing a home to live in and own for the long haul, it’s still possible to land a good deal when the market is on the seller’s side. Good luck!