Buying a home can be tough. The process never gets easier even if you’ve experienced it a handful of times. Buying a home is hard for first-time homebuyers even in normal circumstances, let alone a seller’s market. However, all hope is not lost. There are still ways for potential buyers to find their dream home for a sweet deal. Even in this time of the pandemic, the chances of acquiring a new home aren’t too bleak. If you want to learn how to navigate a seller’s market, read the rest of this article.
Here’s what you should do when buying a home in a seller’s market:
Determine if you are indeed in a seller’s market
The very first thing that you need to do is understand whether or not you are in a seller’s market. Although there are ways on how you can find this out yourself, it’s not going to be an easy journey. The smart move is to hire a real estate agent to help you out in the process. A buyer’s agent can be a godsend for homebuyers looking for a home they like and for the best deal. There’s no easy way process everything if you are personally doing all the grunt work. You need all the help you can get.
Make your best offer the first time
If you want to bypass the whole bidding process, there’s a way to do so. Place your best bet the first time you make an offer. Don’t go lowballing the seller’s agent. This strategy won’t work in a seller’s market. Remember, the odds are against you. What you need to do is go for their asking price. Most of the time, seller’s agents would prefer the best bid to have to go through the rest especially if they’ve got nothing more to gain.
Be prepared to bid
If your best offer won’t work, then you need to prepare to bid. Of course, this will depend if you really want to own the property. When buying a home Myrtle Beach, you might go through a number of instances and some of them being having to bid. If you are not comfortable with this, your buyer’s agent can help you out.
Don’t prepare a counter offer
Experts like Full Potential Real Estate, LLC say that there are really no counteroffers in a seller’s market. Experts say that you should give it your best on your first go.
Prepare your cash
Sellers like it when buyers are getting serious. One way is to offer more cash in earnest money. Figure out the earnest money deposit in your area and add at least half.
Going beyond money
Some sellers put a lot of sentimental value on their property. Sometimes, it’s not just about the money. In some instances, sellers want their property to be cared for. A simple letter or video explaining how you’ll take good care of the house will sometimes sway the seller. Doing this doesn’t offer any guarantees but it’s worth a shot.
If you need help buying a home in a seller’s market, you should give Full Potential Real Estate a call. You may reach us at (843) 492-4537.
Full Potential Real Estate, LLC
Myrtle Beach, SC 29577