Buy Successfully in a Sellers’ Market

We’ve all heard the term sellers’ market, but what is it? It essentially describes any economic scenario in which sellers have an advantage because what they are selling is scarce, so prices remain high. This is currently the state of the housing market in much of Central Texas. But most potential buyers don’t have the option of simply waiting for the ideal time to buy. If you’re in the market to buy a home, take advantage of our top 10 list of tips to help you buy a home, in spite of a market that isn’t leaning your way.

1. Get this Party Started
   Don’t procrastinate, because when houses are listed in a sellers’ market, they aren’t available for long.


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2. Dream Big, but Keep It Real
   Review your budget, determine what you can afford, and look for homes within that price range. It’s tempting to explore homes just outside your price range, but remember you’ll not only live with the home, but also the payments, for years to come.


3. Get Prequalified
   Time is of the essence in a sellers’ market. The edge will surely go to the buyer who is prequalified and has their proof of funds close at hand.


4. Choose Your Agent Wisely
   And heed their advice when it comes to asking price. They have the knowledge to guide you to the right offer for your situation.


5. Find Out What’s Most Important to the Seller
   Your agent can usually get this information, and help you satisfy their hopes while still prioritizing you. If the house is empty, a super-quick closing may win the day. If the home is filled with the possessions of a lifetime, a longer runway to clear out may be very appealing. The more you know, the better positioned you are to craft a winning offer.


6. Keep It Simple
   Clean contracts often translate to accepted offers. Don’t begin by asking for complicated concessions from the get-go. If the home needs repairs, they will surface at inspection, and you can negotiate at that point. Don’t muddy the waters with requests for personal, non-realty items in the home, no matter how much you like their patio furniture.


7. Make an Offer Sight Unseen
   Really? Make an offer on a house even if you haven’t walked through it yet? Well, maybe! If you’ve chosen the right agent, they know what you want and will advocate for you. Many trusted agents have moved forward with such offers, and saved valuable time for their clients. (See #1). Plus your contract will include an option clause that allows you the unrestricted right to cancel within a certain period of time. There’s a cost for this, usually a few hundred dollars, but it might be worth it.


8. Hope for the Best, and Prepare for Setbacks
   Buying a home can be an emotional time, and of course, it’s personal to you. When you find that almost-perfect home, there’s a good chance yours won’t be the only offer. Arm yourself with the reality that you might not land the first offer. Stay strong and optimistic.


9. Learn from Experience
   If your offer is not the one that lands the contract, ask your agent to find out about the terms of the winning offer. Perhaps that information will guide your next attempt.



10. Find the Right Lender
    All sellers want to close on time, collect their proceeds, and move on to their next home. The right lender will guarantee that closing date, and put money behind their guarantee.