At Garden City Realty, our team of local experts is ready to guide you through the home-buying process. We are committed to fast, professional, and courteous service to help you understand and feel at ease throughout the home buying process. Our trained and licensed agents specialize in the Grand Strand area real estate market and are prepared to find the right home and get the best price. To prepare buyers in their home search, we have compiled a list of tips for buying in a seller’s market.
Increase your chances of getting your dream home instead of losing it to another buyer with these easy steps.
1. Stay in-the-know.
Stay in close touch with your real estate agent to find out first about new listings, and be ready to tour the property as soon as it goes on the market.
2. Get prequalified for a mortgage.
When buying in a market where listing inventory is low, one of the best tactics is to have a current proof of funds statement or pre-approval letter from your bank before you look at a property. This way, you’ll be able to make a firm commitment to buy and make your offer more desirable to the seller.
3. Be ready to make a decision.
For those who like to take their time in making decisions, it is important to spend that time prior to your home search in a seller’s market. By determining in advance what your must-haves are, identifying what you do not want, and making sure it is realistic for the market you are searching in, you will not waste valuable time when new listings do come available and can be the first to make an offer.
4. Keep contingencies to a minimum.
Restrictions such as needing to sell your home before you move or wanting to delay the closing until a certain date can make your offer unappealing. If you believe there will be a delay in selling your current home, talk to your lender about getting a bridge loan to cover both mortgages for a short period.
5. Write an offer letter.
When you know a seller is receiving multiple offers, write an offer letter or a personal note. In a brief statement, tell the seller why you love the house or condo and why you are the right person to purchase their home. This will help connect with the seller emotionally and make your offer stand out from the rest.
6. Don’t get caught in a buying frenzy.
Just because there’s competition doesn’t mean you should just buy anything. Ensure the property you are purchasing meets your requirements, especially things you won’t be able to change in the future such as location. In addition, even though you want to make your offer attractive, don’t neglect inspections that help ensure that the home or condo is sound.