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BUYING IN A SELLER'S MARKET
October 24th, 2017 11:55 AM

Barbara’s Blog:

With inventory still low, here’s what you need to know about buying or selling a home in a seller’s market: 

Time is valuable.  Buyers don’t have as many options, which means there is more competition.  Buyers need to know exactly what they want and have a preapproval in hand so they will be prepared to make an offer quickly.  Sellers will have an easier time selling if their home is in good condition and priced right for the market; they may even have multiple offers.

Offers are aggressive.  In a seller’s market, buyers may have to deal with the multiple-offer situations, so if they don’t bring their highest and best offer straight away, they may lose out.  Sellers can also prioritize stronger terms.  They may decide to go with a lower offer if the buyer can close faster or is putting more money down.  Also, cash is king:  an all-cash offer will likely trump any other offers.

Negotiations are a game changer.  Unfortunately, buyers may lose some negotiating power in a seller’s market.  Sellers may refuse to take care of some inspection items and unless something is a safety or health hazard, it should not even be brought up.  Sellers may also decide to be more selective about what they are leaving with the house. 

Real Estate Agents are essential.  Even though a seller’s market tips the scale in one direction, buyers are more likely to lose out if they are not working with an experienced agent.  Likewise, sellers may not be aware of their advantage without the help of a real estate professional.  Agents will advocate for their clients – whether they are buyers or sellers – by  helping them get as much as possible during sale price and inspection negotiations.     Things that may not seem significant – such as getting paperwork submitted correctly and doing due diligence on the property – can make a huge difference in a seller’s market.

Written by Barbara Doeringer

 


Posted in:Real Estate
Posted by Allen Doeringer on October 24th, 2017 11:55 AMPost a Comment

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