Buying a Home in a Seller's Market
FACT: If you’re looking to buy a home in the Metro Atlanta area, you are in one of the hottest seller’s markets in over 25 years.
This market and the home-buying process might feel a bit intimidating. It’s important to arm yourself with the tools and information that will give you the most value from your purchase and allow you to make the right decisions in a seller’s market. Buying a home can be a stressful task, but with a qualified real estate agent to help you, it’s possible to navigate your way to a new home. Before moving forward, remember that buying a home is a team effort – your lender, your agent and you need to work hand in hand to accomplish your one goal – closing on a house.
What are you looking for in a Home?
Figure out your price range first – that means your first step is to get in touch with a lender to determine how you can qualify for – I have a few preferred lenders so please ask for referrals should you need one. What is a preferred lender? It’s a lender who I have worked with and who I know and trust to get your loan closed. Once you know how much you qualify for, decide what you need and want in your new home. Your needs are those qualities that will make or break the decision, while the qualities on the “wants” list can only enhance potential properties. Once you know your price range and your needs, stick to those and consider houses within your reach.
Understand What it Takes to Make a Strong Offer
In a seller's market, you need to move fast to see a house as well as make an offer. Right now, homes are going under contract in 24-48 hours. When you find a home that you love, be prepared to make a strong offer. Don’t be afraid to ask me what makes an offer strong – I am here to help!
Make your Offer Invaluable
You will likely be one of many offers in a seller’s market so you need to make sure you are the BEST offer. How can you make yourself, as a buyer, most appealing to the seller? The more cash you have, the more appealing your offer will be to the sellers. They are looking for someone who can get to the closing table. Before making an offer, a pre-approval letter from a well-respected lender is imperative; it will need to accompany your offer. Be flexible on closing dates and simplifying or eliminating contingencies will make your offer more attractive to the seller. I can help you see it from a seller’s perspective—if you were selling this home, what would you find valuable in a buyer?
In this crazy market, having a professional real estate agent on your side can make all the difference between getting an offer accepted – and not. In this hot seller's market, having an experienced and energetic buyer's agent is even more important than ever. You'll want someone who knows how to hunt down a good home even when inventory is low and someone who will be upfront about what it’s going to take to win an offer and get you that home you want.
It’s highly unlikely that the house you find will be perfect. Whether it lacks a few of the qualities that you had on your ‘want’ list, keep an open mind and be prepared to make several offers on several houses before getting THE one. Be flexible and consider opportunities in homes that may initially seem less than perfect. Remember, you can make a good home into a fabulous home with a little TLC.