14 Jan You Can Survive a Seller’s Market, 4 steps to help you along the way
You Can Survive A Seller’s Market
When beginning the search for your dream home, you should anticipate that you are likely to hit a bump or two along the way. You may end up repeatedly losing a bidding war or each house you initially get excited about may already be under contract.
During this time, and further into the season, the prices will be going up. Year after year the home prices are steadily rising, by 5%.
It’s definitely tough out there when you’re on the buying side of the real estate market. Read on, let’s go over a few steps to help ease the pressure during what should be an exciting time for you and your family.
Patience is Key
Don’t settle on a home just for the sake of being able to secure it. You don’t want to start sacrificing must-haves from your list or talk yourself into a mortgage that is even a tad out of your budget. The perfect home is out there for you and when you come across it, you’ll know it.
Let’s give New Construction a Go
You’ve done the leg work and tried to find a home that’s already on the market. If this hasn’t worked for you, you should consider new construction. You can find a plan that is within, or often-times well below, your budget and you walk away with a warranty.
Your Golden Ticket (maybe)
Talk to your lender before starting the house hunt so that you’re armed with a pre-approval. This lets you know exactly what you have to work with while also showing your seller’s that you’ve got some real skin in the game. This isn’t a guarantee to securing the home you’re placing an offer on but it definitely gives you a leg up.
No Place Like Home
Are you selling your house? If so, have you placed a bid on a house you’re interested in? It would be a great idea to try and align your closings. Even if there is a minimal lapse, this is ideal over a month plus time. Additionally helping you to realize that you can survive a seller’s market. Funny to hear since in this sense, you are the seller as well as a buyer.
If you’re building or just haven’t found a fit for you and your family, look into temporary housing options while you wait.
While there is some pressure in the process, having a real estate agent, someone who is patient and honest, will help to ease a lot of this. They will also be ready to continue the hunt if a bidding war is lost. Believe it, you can survive a seller’s market.
Jeff Anderson has over 20 years’ experience in the process and knows the ways of negotiations and can undoubtedly help to guide you, from start to finish.