Saturday, December 24, 2016

10 Things Buyers Need to Know In A Sellers’ Market

When the demand for homes becomes greater than the number that are available, that is called a sellers’ market. When that occurs, it becomes difficult to purchase a home at a lower price because the seller knows that the supply of homes for sale is limited. The good news is that there are 10 things you can do to help address this condition in the marketplace and make the best deal possible.

Stick To Your Budget

Remember, it doesn’t do you any good to buy a home you cannot afford. So, set your budget and stick to it so that you can comfortably make the mortgage payments. Remember, you can always work to add to the down payment which can lower premiums while looking for the right home.

Get a Good Realtor

Everything starts by looking for a smart, proven realtor who can find the homes that are on the market. Even when the supply is low, there are usually good deals to be made and the right realtor can find them.

Have More Cash Upfront

One way to gain an advantage is having more cash upfront for your down payment. Those who offer more cash are more likely to get a discount or some type of savings compared to those with less cash available.

Get Pre-Approval for Your Mortgage

It pays to know what you can buy before the negotiation process begins. Getting pre-approval means that the sale can happen faster which is what the seller wants.

Stay Flexible

Unlike a buyer’s market where you can stick to specific points, a seller’s market requires you to be more flexible to land the property at the right price.

Get What You Need, Not What You Want

In other words, focus on what you need from the home, not what you would like to have, but can live without. Once you get the home you need, you can usually add what you want later if you desire.

Do Your Research

Even in a seller’s market, there are deals to be made. They may come from distressed properties or from those who must move quickly. So, be sure to do your research and be prepared when opportunity strikes.

Get To Know the Seller

The more you know the seller, the easier it will be to get a good price. You don’t have to become best friends, but if you can relate to the seller on a personal level it helps get your foot in the door towards making the right deal.

Come Up With Creative Solutions

You can work with your realtor in providing something that will attract the seller’s attention and possibly give you a better price in purchasing the home. For the most part, it will be offering something that the seller wants that few buyers can provide. But if you can, then you are that much close to making a good deal.

Finalize Your Decision

It’s not going too far to say that you must love the home you are about to purchase. If there is something nagging when it comes to buying, address it so that you know if this is the home that best fits your needs.

Sigal Dagan is South Florida's Top Realtor. For a free home consultation, call: 786-797-9088.

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