Tips for Buying in a Seller’s Market
There’s no doubt the real estate market has been tough for buyers in recent years. With many people hoping to lock in still-low rates, house prices are on the rise and fewer homes are for sale.
But there are a few simple things you can do to make the home-buying process easier and get into your dream home sooner. Follow these tips to be a successful buyer in a seller’s market:
- Get your finances in order.
Get preapproved before you start looking at houses. Getting preapproved not only saves you time in the house-buying process, but it also makes you a “preferred buyer” in the eyes of a seller since you already have your financing locked in. Skipping this step could lead you to lose out on your dream home.
- Keep an open mind.
Don’t judge a listing by the photos. If the property is in the right location at the right price, it’s worth a walk-through. When viewing a home, don’t get hung up on things that can be easily changed, such as paint color or carpeting. On the flip side, don’t put an offer in on a home simply based off the listing photos. These photos are designed to elevate the look of the home and may not be as pictured in person.
- Make your best offer.
If you’re buying in a competitive market, be ready to move fast when you find the home you want. By doing your research and working with a real estate agent you trust, you can be confident your offer gives you the best chance of success.
- Write a personal letter.
By introducing yourself and your family to the sellers and explaining why you want to buy their property, you make your offer more personal. Explain how much you’ll love the property and consider including a photo, too.
- Be ready to compromise.
The better your terms, the more attractive you are as a buyer. This means, when possible, you might want to be flexible about contingencies, such as avoiding large repair requests after the inspection and changing the closing date to accommodate the seller.
Ready to begin your home-buying journey? Speak with an UNCLE Credit Union Mortgage Consultant to get the ball rolling on achieving your dream home. Take action before May 31st, and you can receive $750 in closing cost credits when you borrow from UNCLE.* Learn more online at www.unclecu.org/mortgages.