Tips to Survive a Seller’s Market

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Knowing the market you are in is imperative for bringing your A-game for house hunting. For example, in a buyer’s market, there is plenty of inventory and lots of negotiation around price. However in a seller’s market, inventory flies off the shelf and buyers need to make an acceptable offer usually the first round or your bid may be off the table.shutterstock_95716480 With SignRight now we are in a seller’s market, but that doesn’t mean that you can’t find the home of your dreams! There are a few things you may want to approach differently, and that is where your Shorewest, REALTOR® comes in to save the day. Here are the points that we suggest for a successful house hunt!

Be available. In a seller’s market being quick is key. House hunting will need to become a priority, not just something to fit in on weekends if you have time.  Make the best use of your time by looking for listings regularly and keep in close contact with your Shorewest, REALTOR®. If you are able to get a showing, go in at the seller’s earliest convenience, not yours. Make sure to follow up promptly if you feel it is a fit.

Bring paperwork, not promises.  Talk is cheap in hot markets, especially if a buyer is saying they have plenty of money for a down payment but nothing to back it up. Show up ready to go, a mortgage pre-approval letter from Wisconsin Mortgage Corporation, and a “proof of funds” form from your bank showing you have enough to cover the down payment are a good place to start. This shows the seller you are serious and committed to this transaction.

Don’t play hardball and expect to win. In a neutral market a typical home-selling scenario would include a buyer making an offer below the seller’s asking price and negotiating upward from there.  However in a seller’s market, there is little to no room for negotiating. Many times the seller will be receiving more than one or two offers at a time and that first impression will make or break your offer. Be sure to put in a strong offer but one that you as the buyer are comfortable with as well.

Extend your horizons. It is not unusual to feel out priced for several homes you may have your eye on in your favorite neighborhood. Maybe it’s time to expand your search for different areas that you might not have previously considered. Houses in these areas may be sitting longer because it is an extra five minute drive to work or they need some slight renovations. If you are willing to change your wish list a bit, you can find a gem of a home with less competition!

A seller’s market brings with it an entirely different ball game than you might be used to. However with your Shorewest, REALTOR® at your side, they will help guide you throughout the entire journey! #ShorewestRealtors #SellersMarket

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Categories: Home Selling, How to

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