How to Buy in a Seller's Market
Inventory in Lynchburg and the surrounding areas is considerably low right now, especially those in the starter home price. While buying in a seller's market can seem a bit overwhelming, it is really just a matter of changing your approach. Working with an agent that is knowledgeable, can make all the difference in ensuring you do not overpay, while still increasing your ability to find and purchase that home you've been looking for! Here are some tips to help you along the way.
Respond quickly!
During a seller's market there are more buyers looking, than available homes. For that reason, when you find a great home at a good price, this is not the time to be indecisive. Make sure you are prepared; preferably with a pre-approval. If you see a home you love, don't wait to make your offer!
Put together a competitive offer
Prices tend to go up when sellers receive a number of offers at once. This is where hiring the right agent is so important. They should pull the comparable homes and be very familiar with the current market, in order to ensure you are protected. Be prepared to offer more than asking price, if you are competing with other offers. Keep in mind, there are a number of ways to ensure your offer is the most attractive without overpaying. A good agent who knows how to handle a multiple offer situation, is worth their weight in gold, in this competitive market.
Reduce the contingencies
You will almost always want to request an inspection and if you need financing, an appraisal is required. However, you can offer a shorter inspection period and avoid adding any insignificant requests, in addition to the standard inspection. You want to make your offer as clean and straightforward as possible.
Be flexible with timing
If you can afford to be flexible, offer to work around the sellers schedule. If they need an extra few days after closing to get settled, offer to rent the home back to them for a short time. You may have to get creative to ensure your offer is one they can't refuse.
If you are ready to get started, give me a call today!
photo: sonaclassified.com
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