A seller’s market exists when there are more buyers and less inventory. We definitely have this going on around Sarasota, FL as well as the rest of the country.
Buyers, therefore, need to be ready on the mark so they don’t miss out. Before looking for a new home, be prepared to actually buy. Here’s how:
Hire a real estate agent. These professionals will see immediately when new listings are available and can get you a video preview (if you are out of town and can buy sight-unseen) or can get you an immediate appointment to view the house.
Get pre-qualified for a mortgage and have your paperwork handy. In fact, give it to your real estate agent. If you happen to decide to place an offer on a house and logistics require e-signatures, your agent will already have the pre-qualification and proof-of-funds-for-the-down-payment letter on hand to submit with the offer. If you are paying cash, let your banker know you might need a quick letter regarding your proof of funds available.
Be available when your real estate agent calls. Lingering over your schedule may cost you an opportunity.
When you make an offer, limit your contingencies. Asking the buyer to wait for you to sell your house in a seller’s market is unreasonable. They’ll sell it to the next person in line.
Don’t wait. Even a house that may have a history of sitting on the market can be sold overnight in a seller’s market. There are plenty of reasons that house hadn’t sold quicker, such as financing falling through from a previous offer or damage repairs taking place from a storm. Don’t think that it will be there next week for you to decide on.
Compromising on what you want isn’t a bad thing. You might have to look outside of your perfect location or go after a home that needs a little TLC.
Information Sourced from “Surviving a Seller’s Market: The Ultimate Cheat Sheet,” realtor.com® (April 7, 2016)
