In a seller’s market, buying a home is a little different than it used to be. Interest rates are low and the housing inventory is too. You can still find great deals on homes, but it takes some work and preparation. (Plus a great realtor team!) In this market, many of the rules are turned upside down. Here are 3 rules to buying a house in this market.
Rule No. 1: Don’t Throw a Lowball
If you’re making an offer, unless the seller is in obvious straits, they will be looking for the best offer, not just the first one. Throwing a lowball offer out on the home you want in a tight market can be insulting since the homeowner and their realtor will know the market and what they can get for the home. Most houses are getting multiple offers right now, with some coming off the board in the first week of their listing.
Rule No. 2: Find a Realtor Before You Start Shopping
I know, I know, we’re realtors. We just want you to be prepared for a quick market when you start looking. You can expect cutthroat tactics from other buyers, and a tough fight for the best properties. Having a great realtor, one that knows the market and has experience with negotiation and both sides of the market, is vital. You won’t win your dream home with a first-time realtor or a family friend who isn’t familiar with the area. Your realtor should be proficient in writing contracts and every part of the sale, not just finding you the house.
Rule No. 3: Be Ready To Move
It’s a rule, generally, that you need to take your time with a home sale. You still have to get your home inspected, determine the price, and negotiate properly. THAT BEING SAID, you still need to be prepared to pounce on the home that you want with an offer. If you aren’t pre-approved by a good lender, you’re not serious about buying a house. If you aren’t working with a realtor, you aren’t serious about buying a house. And if you aren’t serious, you won’t get a house you love when you go to an open house.
Do your research. Make sure that the neighborhood is what you want, the school district is good, the taxes are reasonable, and most importantly, you love the place.
If you’re ready to buy or sell your home, Rick & Tracy Ellis are ready to make your dream come true. Call us today at 636-299-3702, email us directly at firstname.lastname@example.org, and visit tracyellis.com for more information on buying and selling your home. You can also listen to the “The Rick and Tracy Ellis Show” every Saturday at 4 p.m. and Sunday at 10 a.m.