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 better than anyone else and we are the #1 Real Estate Company in Hampton Roads!
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.
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.