If you are currently trying to buy a home you may have noticed that house prices seem to continue to rise, and it is becoming more and more apparent that we are currently in a seller’s market. The term “seller’s market” simply means that the listings that are available are generally selling for more and receiving multiple offers from potential buyers, making the market more competitive among those wishing to purchase a home.
While you can’t magically shift the market to be in your favor whether you are a buyer or a seller, if you are searching for a new home during a seller’s market there are a few things you can try to do to ensure that your offer gets accepted.
Ensure you are pre-approved prior to beginning your house hunting excursions. By securing your financing first you can show you are serious about the purchase and ready to pull the trigger in order to move the process along as quickly as possible.
Lose the Contingencies
If you are comfortable, put an offer in that is free of any contingencies, by doing so your offer may look more appealing to the seller. Sometimes a continency free offer is better than a higher priced offer.
Don’t Low Ball
Don’t offer below asking. To ensure your offer is strong you want to make sure that it is a full price offer or even above asking. The only time you shouldn’t do this, is if you are advised otherwise by your agent as the home may be priced inaccurately.
Write a Letter
Don’t be afraid to get personal! Write a letter to the seller explaining the “why” behind your desire to purchase their home. After all, we are only human.
Have a Great Agent
Your agent is key to your success. Ensuring that your agent is personable, knows the market and is able to go to bat on your behalf is crucial in having a successful purchase whether in a buyers or seller’s market.
Offer More Earnest Money
While this won’t change the actual purchase price of the home, oftentimes by offering more earnest money upfront you are showing the seller that you are serious about the purchase and willing to put more on the line while the escrow process begins.
As mentioned above, having a great agent is key and they can help guide you through the whole buying process and give you any tips or advice that they may have to help you navigate through a seller’s market successfully.
If you’re currently searching for a new home, are ready to sell your home and are in need of a qualified seller’s agent, or if you have any questions regarding New York Real Estate, please feel free to contact our office at any time.