Being a Buyer in a Sellers Market

Buying a home in a seller’s market can be frustrating, especially if you’re not aware of the market conditions, find your dream house, and lose it because you were not prepared. Markets change constantly. They vary city to city and even neighborhood to neighborhood but one thing is consistent lately in Summerville; it’s a sellers market. That means there are not enough homes on the market and the good ones go quickly for top dollar. In Summerville, the median list price to sold price is 99.2% with only 15 days on market. So here are some tips if you’re feeling like the overwhelmed anxious buyer.

1) Preparation is key. Be as prepared as possible so when the home you fall in love with comes on the market, you’re ready to act quickly. Time is of the essence. To prepare, have your financing lined up and a pre-approval letter from your lender. If you’re offering cash, have a letter from your bank showing proof of funds. Be willing to look at homes the day they come on the market.

2) Once you find the home you want, act quickly! Have your agent call the listing agent to determine what might be most important to the sellers. Price is always important, but anything that can be included in your offer making it more attractive to the seller will set you apart. Don’t assume you know what this is. Ask. Maybe it’s giving the seller a couple of days after closing to move out. Maybe it’s buying the home “as is” so the owner doesn’t have to worry about any repairs. Maybe it’s a delayed closing so their kids can finish the school year. Who knows but the point is, find out. A well priced beautiful home will most likely attract multiple offers and you’ll want yours to stand out. Make it stand out in a way that’s important to the homeowner.

One last tip, when a home comes on the market, one of the top stressors for sellers is showing their homes while living in them, so be the first buyer to look at it.  Write a good clean offer and your chances of acceptance are far better than waiting until they’ve have 10 showings and 5 offers.  Best of luck in your house hunting!!