Top Tips For Being A Buyer In A Sellers Market

Top Tips For Being A Buyer In A Sellers Market

Let’s face it – being a buyer in a sellers’ market is tough. Homes come on the market and are sold before photos are even uploaded, when you ask to view 10 homes, only 3 are still available, and when you finally find a good fit there’s competition leading to bidding wars. Timing is EVERYTHING in this type of market, and there can be a lot of disappointment. It’s absolutely not impossible to succeed, and these tips can help you get into your dream home.

  1. Be prepared. This is the most important step because once you’ve found the house you want to purchase, you’ll need to move quickly. This starts with consulting a Realtor® who can help set you up with market realisms, an efficient search...and (if they are well connected) potential “pocket listings” (listings that are not available to the public yet). Secondly, work with your financial institution to get a pre-approval and proof of funds documentation so you can make the offer as quickly as possible. Third - be available for showings; in a market like this waiting a day so you can go bowling with your work crew, or hit the ‘paint and wine’ night could literally cost you your home. I’m not saying you shouldn’t give up your entire life to look for homes, but if you think a house might be the one postponing some plans may have to be a consideration you make.

  2. Make a realistic first offer. Your Realtor® will know best about this because they are the market expert. Multiple offers are common in a sellers’ market and you don’t want to come in too low when the competition is making better offers - not only that but in this scenario your first offer is your last offer - most sellers will not try to renegotiate with multiple buyers. It’s important to be prepared for a bidding war…and you should be prepared for one – when there’s lower inventory and lots of home buyers, this is almost a guarantee! A general rule of thumb when you are competing in multiple offers is to never offer lower than list price, but your Realtor® will be able to help you determine the best first offer.

  3. Stick to your budget! This seems like a no-brainer but it can be really hard to do in a seller’s market. When looking for homes, it’s often best to search a bit below your max budget so that you have some room to make additional bids should there be a bidding war.

  4. Learn from your mistakes. It can definitely be discouraging to lose a few that you thought were “the ones,” but if you learn from your mistakes and stick to your plan, you will find your dream home!

Be focused, prepared, and (dare I say), a little aggressive, and you will end up being a successful buyer!

Any questions? Feel free to comment below or send us an email!

Skyleigh McCallum Headshot
Phone: 250-320-3108
Dated: August 17th 2017
Views: 62
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