Buying In A Sellers Market

Buying In A Sellers Market

In the Zillow age of real estate, buyers are more self-educated and aware of market trends than ever before. The exciting part about this is that my clients come to me with a base knowledge that makes the search from their now home easier and more efficient on both ends. 

Undoubtably, the property search in a seller's market is more high-energy than in a buyer's market. The past two months have shown lower inventory of amazing properties in Philadelphia, and they move quickly, often within 24-hours of being listed on the MLS. A well educated buyer knows that they are looking for, and steps into the market prepared to move quickly in order to secure the perfect home for them. Here are a few tips to prepare yourself for today's real estate climate:

  1. Tip #1: Get preapproved. Buying a home is a two-way transaction between the buyer and seller, and a buyer equipped with a preapproval in hand is ready to move forward quickly

  2. Tip #2: Get a top-notch real estate agent who knows the neighborhood in which you are looking, has experience in this seller's market, and has a steadfast plan to execute when you find the right home in your search

  3. Tip #3: Be ready to move forward without hesitation when you find what you're looking for. An hours worth of contemplation can lose a deal before it begins. Don't be afraid to make an offer, understanding that there are several steps after acceptance that will insure that you won't pay too much for any home, and that it is a good buy for you 

  4. Tip #4: Place a fair bid. It's not about getting a home "under ask" anymore. It's about getting the home, period! 

  5. Tip #5: Make your offer more attractive. I can work with you creatively to make your offer more desirably by altering terms and conditions to ease the seller and get you the property over other offers in a multiple bit situation. 

  6. Tip #6: Write a personal note to the seller. You would be surprised how effective this can be!

  7. Tip #7: Decide where you can compromise. If purchasing a home right now is a necessity, know your must haves, and your nice-to-haves. What can you do without, and what could you upgrade yourself at a later date, once you secure the property. 

  8. Tip #8: Exercise patience. Because of multiple bids and an aggressive market, sellers will often wait to accumulate offers before making a decision. Don't let this deter you from throwing your hat into the ring. Patience can work in your benefit. Remember, you are buying the home, not the home owner!

Matthew Ochs Headshot
Phone: 267-446-6565
Dated: June 13th 2018
Views: 602
About Matthew: Having grown up in a family who relocated several times before the age of eighteen, the real estate ...

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