Buying a new house is an exciting and important time! There is no better place to call home than METROWEST! House hunting in a seller's market, though, adds more factors for you to consider during the process. Although the market might not be favoring buyers at the moment, there are many things that you can use to your advantage to help you buy your dream home! Look through the current HOME LISTINGS so we can help you begin this exciting journey, and follow these 6 useful tips for buyers in a seller's market.
WORK WITH AN EXPERIENCED AGENT. Eliminate some of the time and stress that comes with house hunting by working with an experienced real estate agent. Team Lynch Real Estate is here to help you find your dream home! Let us know exactly what you are looking for. We understand the Metrowest housing market, now what is available, and can negotiate the best deal for your new home! Read TESTIMONIALS from our past clients.
BE PREAPPROVED BY A LENDER. Get preapproval for a loan from a reputable lender that you can present to the seller. This shows that you are serious about buying the home and makes the seller feel more comfortable knowing that your finances are in order. If you already know that you can afford the home and have a high credit score, get this part of the process out of the way when you initially start your house hunting process. It can help you stand apart from the other buyers. For help with the kinds of loans that are available for you, check out our FINANCE INFORMATION.
BE DECISIVE IN MAKING AN OFFER. Buying a home is a major decision so being thoughtful about the home you make an offer on is imperative. But don’t get bogged down in over analyzing. Before you begin the house hunting process, be sure to know exactly what you are looking for in your dream home…price, location, and type. When you find a home that checks all of the factors you have previously determined, make an offer! You don’t want to miss out on your dream home due to over thinking.
MAKE YOUR BEST OFFER. Start with a strong opening offer. You should know the maximum that you are willing to pay. Although we all want to get the best deal possible, in a seller’s market competition is high. If you come in with too low of an opening offer, you could miss out on your dream home. Be aware of what other houses are on the market and the pricing of the homes in the area. This will help you determine what is an appropriate amount to negotiate for the house you want. Have a strong opening offer that you are comfortable with AND that will be acceptable to the seller. To strengthen your offer, consider including an OFFER LETTER . An offer letter can help you stand out from other potential bidders and help to personalize why you are interested in the seller’s home.
PREPARE FOR A BIDDING WAR. Bidding wars inevitably cause stress for buyers. The fear of missing out on your dream home is understandable. However, competition in a seller’s market is high. Know what you are willing to pay and search for houses below your max budget. This will help you avoid spending more than you are comfortable with should you end up in a bidding war.
LEARN FROM YOUR MISTAKES. You might not get the first home that you make an offer on. In a seller’s market, it is likely that you will have to make several offers on homes before finding the perfect one for you. Recognize what happened with the transactions that don’t work out and learn from them. Stay true to what you want and realize that there are other options in Metrowest that our team will be happy to help you find!
Source: Trulia
