Buying a Home in a Seller’s Market. If you’ve decided to buy a home this year, good luck to you.
Your challenge will be not just finding a home you like, but also beating out all the other home buyers who like it and want to make an offer on it, too.
The number of homes for sale is low nationwide, particularly in the price ranges desired by first-time homebuyers. That means that if you want to end up with a nice home, you need to be strategic.
That often means rushing out to see new homes within hours of them being listed and writing up an offer immediately if you like the house.
A house that doesn’t look appealing in photos could still be a great house.
Homes being sold by an estate or homes with tenants inside often yield particularly poor photos. Plus, photos fail to convey the feeling of a home or the floor plan.
The more competitive the market, the less likely a seller will be to make repairs, though some sellers may lower the price if the inspection reveals expensive defects.
The purpose of the inspection isn’t to get the seller to repair every small problem but to find out for sure that the house is what you thought it was.
A competitive market is not the right environment to negotiate a bargain.
You may get only one chance to make an offer, and your offer may be one of several the seller will choose from. You really need to come in with your highest and best.
Remember that the offer includes not only the price, but also your financing package and other terms such as the closing date and contingencies.
While most buyers may have to compromise on some of the features they wanted, they shouldn’t settle for a home they don’t like.
If you don’t find the right home right away, maybe you should wait and try a few months later, then make a purchase you’ll regret.
Some sellers are interested only in how much money their home sale will yield, but others who love their home want it to go to a new family that will love it just as much.
If you really like a house, include a personal letter and a family photo with your offer.
Sellers often see a larger deposit as a sign that you’re serious about the deal.
Many prospective buyers don’t want to make an offer on a house that has a pending contract. But deals fall apart over inspections, financing and other terms.
If you found the perfect house, you can make a backup offer that will put you in first place if the initial buyer walks away.
Most offers are made contingent on the buyer getting a mortgage, the appraisal being equal to the purchase price and the buyer approving the inspection.
Waiving any one of those contingencies can be risky, but may be the right move in some circumstances. We suggest shortening the time periods, such as promising to do the inspection or get financing sooner – assuming you can make those things happen.
If you can shorten your contingencies, you can make your offer look better to a seller. Nobody wants to wait three weeks for a deal to fall apart.
What are Contingencies in a Contract when Buying a Home?
Also, if you are thinking about buying or selling in the Las Vegas Valley, CLICK HERE or you can call me at 702-370-5112.
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Angela O’Hare, Realtor
Home Realty Center