How To Be A Buyer In A Sellers Market

How To Be A Buyer In A Sellers Market

How to be a buyer in a sellers’ market

CHICAGO – April 18, 2016 – In a seller's market, homebuyers must be willing and able to act fast to snag the home they want. This spring, areas across the country have a limited number of homes for sale.

To help buyers succeed, realtor.com created a cheat sheet for surviving a seller's market:

  • Be on call. "If you're only looking now and then when it's convenient, you're probably wasting your time," says James Malmberg, a real estate professional in Sherman Oaks, Calif. He suggests treating house hunting like job hunting. If someone calls with a lead, follow up promptly to gauge whether it could be a good fit – and don't linger.

  • Bring the paperwork. To be taken seriously, buyers would be wise to get a mortgage pre-approval letter as well as a "proof of funds" form from their bank to show they have enough to cover a downpayment. They'll be able to act quicker when they do find the right house.

  • Limit the contingencies. In a seller's market, buyers may need to drop some of the contingencies to score the house. Sellers prefer the fewest number of hurdles to closing as possible. If your buyers come in with several contingencies – such as "if" they secure financing – sellers are more inclined to bypass their offer and take another with less hassle. Also, "don't waste your time lowballing a seller," advises Sean Kelley, a real estate professional with Howard Hannah in Pittsburgh, Pa. "Always put in an aggressive offer."

  • Cast a wide net. Search for homes outside prime locations if faced with limited or high-priced choices. Buyers need to carefully consider what they're willing to compromise on. "Sometimes properties sit, even in a seller's market, because of a problem that is scaring other buyers away," such as some renovation work that may need to be done, Malmberg says. Those "flaws," however, might not be a big deal to your buyers. "Finding a house this way can also cut down on the amount of competition you will face," Malmberg adds.

Source: "Surviving a Seller's Market: The Ultimate Cheat Sheet," realtor.com® (April 7, 2016)

© Copyright 2016 INFORMATION, INC. Bethesda, MD (301) 215-4688


Traci Ann Lloyd Headshot
Author:
Phone: 561-424-1172
Dated: April 19th 2016
Views: 141
About Traci Ann: Respected by her colleagues for her problem solving and leadership skills, Traci brings extensive kn...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

5 DIY Ways To Update Your Kitchen For Under 100 Bucks At Home Depot - 5 DIY Ways to Update Your Kitchen
Oct 22 2018 58263 2 - Interest rates to return to
Oct 22 2018 58263 1 - Freddie survey: Renters think
Oct 20 2018 61269 1 Renovations On Homes - In love with that shiny new marble

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Exit Realty Premier Elite
8961 Hypoluxo Road
Lake Worth, FL
561-701-8124


Other Locations