Buying a home in Washington County, VA or Sullivan County, TN can seem tough this summer because of the strong seller’s market. This is why it is essential to work with a professional, well-trained REALTOR to help you navigate the home buying process.
So, what is a seller’s market? A seller’s market happens when there are more buyers than sellers in the real estate market. Since demand surpasses the supply of homes available, it causes increased home prices, which benefits the seller. Having the right agent on your side and following these tips will help you purchase your dream home in a seller’s market.
While getting a pre-approval letter is an important first step in the home buying process, it is even more necessary in a hot real estate market. Unless you are making an all-cash offer, financing will need to be obtained to purchase a home. Therefore, having a pre-approval letter shows the seller that you are already working with a lender and qualify for a loan to complete the purchase. Being pre-approved helps make your offer more attractive in a multiple offer scenario. Getting pre-approved is also a benefit for you as it ensures you are searching for homes in the correct price range, which saves you heartbreak if you find “the one” and it is over the amount you can afford.
Put Your Best Offer First
In a strong seller’s market, many listings receive multiple offers, so you want to give it your best upfront. While many sellers will give buyers a heads up when there are multiple offers, it may not always be the case. Starting with a strong sale price will give you the upper hand. Your agent will advise you of market trends to help you make a well-informed decision about the price.
Another thing to consider when making an offer is contingencies. In a hot real estate market, it’s a good idea to keep any contingencies simple. This reduces the chances of hang-ups that prevent a successful closing.
If you can be flexible with the dates for deadlines and, most importantly, the closing date, it could make your offer more appealing. Writing your offer with dates that best fit the seller’s schedule is a simple courtesy that could make your offer stand out. Your agent can ask the seller’s agent certain questions that would make an offer more attractive, such as:
- Are the sellers in the process of purchasing another home?
- When do the sellers want to close?
- Is there personal property (washer, dryer, stove, etc.) that could be left out of the offer to make it more appealing to the seller?
While they may not receive answers for all the questions, they will gain insight into what should be included to make your offer most appealing to the seller.
Working with a knowledgable agent when buying a home in a seller’s market will help you navigate the process with ease. Contact us to learn more about how we can help guide you through your real estate transaction in Southwest Virginia or Northeast Tennessee.