Buying in a Seller’s Market? 5 Tips Every Buyer Needs to Know

For a seller, a seller’s market is the ideal time to put their home up for sale. It means that there are far more buyers looking to purchase a new home than there are homes available, which in turn means that prices are likely to be driven up by the demand. However, for buyers, a seller’s market can be tricky not only because there’s more competition, but because many of the normal guidelines for buying a home no longer apply. Here are five essential tip every home buyer needs to know when trying to purchase a home in a seller’s market.

1. View Homes As Soon As Possible

When it comes to home showings, most people like to do them on weekends when there aren’t as many obligations to juggle. However, in a seller’s market, waiting until the weekend to see a home can mean missing it entirely. It isn’t uncommon for a home to sell within days of being put on the market when the demand is high enough, so be sure to make an appointment for a home showing as quickly as possible if the listing looks promising. 

2. Be Open-Minded

In a seller’s market, it’s going to be impossible to find a home that’s 100% perfect in every way, so it’s important for buyers to keep an open mind when going to showings. When looking for a new home, buyers should keep a list of things in mind that they absolutely need, such as first floor laundry or a number of bedrooms. Things like these are prohibitively expensive to add to a home after it’s purchased, but things the buyer may want like a gas stove or granite countertops can be.

3. Be Pre-Approved For a Loan

Because everything moves so quickly in a seller’s market, it’s important that home buyers don’t waste time on anything, and that includes finding a home loan. Before the buyer even begins looking at homes, they should already know what sort of loan they want to use and be seeking approval. Not only does being pre-approved mean that the homeowner won’t have to wait for approval later on, but they’ll also have written proof of their approval from the lender to show the homeowner when making their offer.

4. Put In the Best Offer Possible

The most important part of buying in a seller’s market is the offer, and this is what will make or break the sale. When putting in an offer, there are a few things buyers can do to make their offer more appealing to the seller. A few ways to do this is are by offering more than the home’s asking price, placing a sizable down payment, and by using an escalator clause, which will increase the offer to beat other buyers’ offers. By using these strategies with an offer, it shows the homeowner that the buyer is serious about purchasing the home.  

5. Hire a Real Estate Agent

No home buyer should ever go without a real estate agent, and in a seller’s market, this still rings true. An agent will be able to walk the buyer through every step of the buying process and make sure everything goes as smoothly as possible. Because everything moves so quickly in a seller’s market, buyers do themselves a disservice by trying to handle it on their own instead of hiring a Cochrane real estate agent who has spent years perfecting their craft.

By keeping these tips in mind, any home buyer should be able to help themselves have a better chance of purchasing a new home in a seller’s market.