“It is just a seller’s market right now and may be a tough process for awhile.”
“The home inventory has decreased by _ %. The inventory is at an all time low.”
“Your offer was very strong but our seller has decided to go with another offer.”
“The home you were looking at pended in less than a day.”
Are you currently a buyer? Have you heard or read about a few of these phrases lately?
I am not here to tell you again that it is still a seller’s market in 2021. However, I am here to tell you that there are still deals out there. I am also here to give you two quick tips on how to better prepare for when that perfect home hits the market and you are ready to move on it.
Tip #1: Get Pre-Approved
It may not seem like the most flashy process or exciting piece of the puzzle for buying a home, but it does matter. Not only does it allow you to see how much buying power you have, the down payment you can pursue, or the highest purchase price you can offer, the pre-approval letter can differentiate your offer amongst others when a seller reviews them.
Just imagine, if there are 5 offers for a home and only 1 of them has a pre-approval letter, the seller may end up going with that one because it offers reliability that you have been in contact with a lender and know your limits on what you can offer. Not every home that is sold is based solely on the highest offer price or even the best contingencies, it could start with showing you are credible to the seller with a pre-approval letter.
Tip #2: Value Time
Well, of course, we should all value time in anything we do. But I am not saying you should have a stopwatch and measure every showing you go to or how long it takes to go through a listing. What I am saying is that you have to be quick when it is a seller’s market, but everyone is busy with full-time jobs, children, and just life in general. That is why having an auto search criteria and a trusted agent are so vital throughout the home searching process. What exactly is an auto search? It is a tool that can be customized to your preferences in a home. Do you have just a few preferences on wanting at least a 3 bedroom home with 2 full bathrooms and a detached garage? Your agent can put that together. Do you have a very specific criteria on wanting a ranch style home that has a a basement, 2 car garage for your antique car, and a fenced in backyard for your puppy? Your agent can also do that!
Auto search criteria will send you on market listings as soon as they pop up and they are filtered to match your wants/needs. Navigating a hot market with low inventory can be overwhelming or exhausting at times, but these two tips can alleviate some of that stress and even lead to you finding your dream home quicker than you anticipated!