When you’re looking for a home in a seller’s market, you need to plan to avoid making mistakes.
Hampton Roads is currently experiencing a strong seller’s market. A seller’s market means that buyers have to be smart and prepared if they want to get the right house at the right price. Buyers should start by looking online at homes, narrowing down neighborhood choices and deciding between must-have and preferred features.
At the same time, buyers should visit a mortgage professional and get their financing in order. It’s best to start that process before you start looking at homes, in case your credit needs repair or you need to pay off debts to qualify for a mortgage. In a competitive market, agents may not even show homes to buyers who don’t have a mortgage preapproval. A desirable listing may be sold in days or hours, meaning there is no time to organize financing or mull over preferred features before making an offer.
Find a good agent. Using a real estate agent costs buyers nothing because the seller pays the real estate commission. Our local real estate agents know Hampton Roads and North East North Carolina better than anyone else and we are the #1 Real Estate Company in Hampton Roads and North East North Carolina!
Make your best offer. Offering lower than asking price is a reasonable strategy, especially if the house is overpriced compared with other similar homes in the area, or if it’s a buyer’s market with lots of available inventory. But trying to get a deal when you’re in a seller’s market might not be the best tactic. You should make a strong offer when trying to buy in a Seller’s Market.
Don’t Request Favors. This is not the time to ask the seller to give you the refrigerator or washer and dryer, or paint the front door, etc. Asking for too much may cause the seller to move on from your offer.
Be ready to move fast. A well-located house in good condition and priced right will sell quickly, sometimes the first day it goes on the market. You need to be ready to make a decision when you find a home you like.
New homes are an option for buyers in the hot markets. Buyers in highly competitive markets have been attracted to new construction as a way to avoid bidding wars. Some buyers avoid looking at a newly built home, primarily because they think they’re too expensive or will take too long. A newly built home will not require renovations, meet higher standards for energy-efficiency which save money on utility bills and appliances are new, buyers will not have to replace for years.
While build time can range from three months to ten months, some builders have spec homes or immediate delivery homes in desirable communities. The homes are built to a certain stage so a buyer can select upgrades and finishes or with neutral finishes for a quicker move. We are the number one source for all new construction homes in Hampton Roads. Let Rose and Womble New Homes help you find your place to call home.
Ask questions. Your agent is there to serve you. Your buying agent can talk to the listing agent for you and could possibly help you create the best offer you can.