It is now a Sellers Real Estate Market. Most listed homes are attracting multiple competitive offers and selling close to or over asking price. However, by following the tips you can get a great buy in this red hot market.
First and foremost you must know the market. Buyers that know the market don’t hesitate to write an offer when they see what they want and they make good decisions.
When making an offer, you want to act fast and push the seller for a quick response. You don’t want to get in a multiple offer situation if at all possible. To help avoid a bidding war, you will want to make a decisive offer and push the seller to make a decision quickly.
Next, you will want to zero-in on properties that have been on the market for a long time. Properties that are new to the market receive a lot of attention from potential buyers, but often you can find a better deal in a less-competitive environment for a home that has been listed for several months.
When preparing a bid for a home you also want to see if the seller has any special terms that need to be met. This could be a long escrow, short escrow or any number of other things. The good news is there might be something you can do that doesn’t cost anything, or very little, which could be the difference in you getting the property.
Another key to coming out on top in a seller’s market is having a good agent. Inexperienced and ineffective agents can end up costing you money and, perhaps even more importantly, in a multiple offer situation they can wind up costing you the deal.
Finally, remember that if a deal doesn’t happen there is always another property. Get back on the horse and find your dream home—it will be there.