What’s a seller’s market? In real estate, it’s where people selling their homes have the upper hand because there’s more demand for homes than there is supply. It means that there aren’t enough homes for everyone who wants to buy one, and this demand drives home prices up.
It’s the type of market we’re in now, and it’s consistent across the country.
So, if you’re a buyer, what does this mean? It means you and your realtor must be smart about your offer. Check out our tips that will boost the likelihood of getting your offer accepted.
Look around at the homes sold recently in your area. Look at sales details and inventory levels. At JP Capital Realty, we can supply this information for you. We keep close track of what’s happening in the local market.
When you know what’s going on in the local real estate scene, you can put together an informed budget. Knowledge of the local market plus an informed budget helps you feel more confident.
Know that other buyers will submit offers for the same house that you are. Make your offer stand out by being super-clean.
What do we mean by clean? If possible, don’t make the offer contingent on the sale of another property. A clean offer is one with no contingencies that could complicate the transaction.
You might also waive the normal appraisal continency. If you do, make sure that you’ve got the cash to cover a possible gap between a lower appraised value and your higher offer. For example, you offer $360K, but the house only appraises at $350K. Your lender approves a $350K mortgage, but you’ve offered $360K, so you need to have the $10K difference available to bring to closing.
Consider offering more than the asking price. A few thousand dollars more won’t make a big difference in your monthly payments, but it could give you the necessary edge over other offers.
Cash offers are always more appealing to sellers than ones that involve a lender and a loan. Paying cash simplifies the whole sales and ownership transfer process, and sellers love that.
Again, keep the offer clean. Ignore those things in the house or on the property that you’d love to have conveyed. The seller may entertain multiple super-clean offers. Your request for the backyard Adirondack chairs could be the one thing that gives a seller reason to move your offer to the back of the pile.
A seller knows you’re serious about your offer if you come to the table with lender pre-approval.
Go over your offer with a fine-tooth comb. Have you filled in all the blanks? Signed it? Included all required details?
Don’t rush to fill out the offer, even if you’re tempted. Be thorough and complete. Check it and recheck it.
Your realtor will help you. If you don’t have an agent, call JP Capital Realty, the best Lake Nona realtor. We’ve helped many buyers get into the house of their dreams. We’d love to assist you, too.