Homes are selling quickly at top dollar - a major indicator this is a seller’s market. First time home buyers and experienced ones can still find their dream home in this market. Buying a home in a seller’s market is not impossible if the buyer takes the right measures.
In fact, it is a good time to enter the market as a home buyer. Mortgage rates and interest rates are at historical lows, allowing buyers to lock in an attractive rate. Also, home sellers that are placing their homes in this market are highly motivated to work with home buyers to sell their homes.
Since housing inventory is low in a seller’s market, it is very common for home buyers to compete with multiple home offers. A way for a buyer's home offer to stand out among the competition is to waive contingencies and pay costs meant for the seller to cover. An experienced realtor can help the buyer make the right decisions when making their offer competitive and avoid costly mistakes.
For instance, a realtor may recommend to waive certain contingencies and not others depending on the buyer’s situation. If the buyer paid for a pre-inspection before making an offer and knows the condition of the home then the realtor may recommend to waive the home inspection contingency. This way the buyer won't be faced with expensive repairs after buying the home.
When entering the market, the home buyer should have a clear understanding of their purchase power and partner with a great lender. They should have hired an experienced realtor they can trust; an agent who sets clear expectations, outlines a clear strategy for them based on their criteria, and works to find the right home for them both on and off-market.
An experienced real estate agent understands this can be a very overwhelming and confusing market for a home buyer to navigate on their own. The realtor will be able to show them the right way to navigate the market and help them establish the highest likelihood of getting the right home at the best price and terms that the market can bear.
In addition, the realtor will be able to use their resources and expertise to search for new home opportunities that are not even available to other other buyers in the market. This is one of the greatest value propositions that an experienced agent can offer their buyer.
The agents at The Young Team help their buyer clients put their absolute best foot forward in their initial home offer. We make sure that our clients understand as much as possible about what is important to the seller to increase their chances of winning in a multiple home offer bid. We also have the realty expertise to find off-market homes for our clients to view.