Tips for Buying in a Seller’s Market
If you haven’t bought or sold a home in a few years or are a first time home buyer, don’t worry—we are here to help you.
As you likely know, the last several years have been what we call a “seller’s market” here in Richmond, and we expect nothing less for the spring of 2018. What constitutes a “seller’s market,” you ask? A shortage of inventory and surplus of purchasers.
So, what does this mean for you–our Buyer? It’s important to have your ducks in a row so that when you find the house that you just can’t live without, you imagine yourself moving right on in–but, before that, you move quickly to put in a strong offer that the seller can’t refuse. While this type of market may seem challenging, we want you to know that you will not go at it alone–the Kelly Blanchard Real Estate Group is on your team, and we are here to help you navigate these waters and the process of not only finding a home but making an offer that is accepted.
Our wonderful Buyer’s Specialist, Kim Nix shares some of her tested, tried and true strategies below! With inventory low, it is more important than ever to be a savvy and smart buyer, and here’s how to do it . . .
Go Pro: Hiring an experienced Buyer’s Specialist ensures you have representation and guidance in this complicated and important personal transaction. Using a Realtor gives you up-to-date, “real time” information on new listings through the Multiple Listing Service as soon as information hits the market—and, if your agent is a wise networker with other agents, you may just get a heads up just before your dream home hits the market!
Talk Numbers: Talking to a lender in the beginning stage accomplishes two very important things: it shows you exactly what you can afford and secures a pre-approval letter. Having a pre-approval letter in hand prior to looking at properties is a key component to being able to move quickly. In this market, timing matters, and you can lose a house in a matter of hours. If we have all these pieces in place before we look at properties, then you will be poised to make your offer and make your move . . . and, this just might give you the edge you need over other interested buyers.
Know the market: Do your research and watch the market in the area that interests you most. Being an educated buyer, in concert with a professional Realtor’s knowledge and expertise, will help you recognize a well priced house when it hits the market and you can confidently move forward quickly.
Tie up your laces and get your foot in the door: In such a competitive market, when a property pops up that might be “the one,” it is vital that we get in that front door as fast as we can. That might mean leaving work in the middle of the day or convincing Fido that you will take him for a walk later that evening. In some of these hot areas, houses hit the market and have an offer in a matter of hours—and, of course, we want that offer to be yours!
Have questions? Interested in setting up a search to see what is on the market, or would you like to chat with one of us about the process of looking for a home? We’d love to chat with you! Let us know–we’d love to partner with you and we’d love to help you find a house to call your home!