What do buyers have in store for them this spring?
Inventory challenges, multiple offers, and increased listing prices will prove home shopping this spring to be difficult, but certainly do-able when you arm yourself with knowledge and an experienced Realtor by your side.
Here are our best tips for buyers in the 2022 spring housing market.
First steps
Cheryl Talbot says – “Being patient is the first key. It seems this market is fueled by the amount of activity. so even though buyers see buyers coming and going through homes, don’t let that be your guide to buying one. Waiting until the right one is there for you would be the best smart move. Also, if a buyer has the money to put over and above sales price, then the buyer has money to maybe get a fixer upper. Depending on what the fixer upper is and where is it might be the better move. That way they make it totally theirs with their taste and selections. A home that has been standing might be a better buy with a buyer getting more than the market will give right now. I’ve had it happen with a young buyer buying a home that needed some work. It had been on the market for several weeks. The buyer got a better price, closing cost and was able to have some repairs done from an inspection. It’s all in what the buyer sees as value in the marketplace.”
Be realistic
Carrie Long says – “Be realistic about what you CAN spend versus what you WANT to spend and effectively communicate that to your lender and your REALTOR. In most cases, sellers are looking for the deal that benefits them the most so do not be afraid to be creative with allowable incentives while keeping that offer as simple and straightforward as possible. If the seller cannot understand what you are offering, they will go on to the next possible contract!”
Get creative
Ashton Martino says – “Get creative with your offer. While cash is king, sellers sometimes appreciate other terms. For example, with an estate, the trustees may not want the hassle of clearing everything out. Offer for them to leave what they don’t want and clear it out yourself after closing.”
Another tactic is to contact the listing agent first to see what an ideal closing date would be for the sellers. It never hurts to be flexible with the closing date to entice sellers.
Make your best offer
In a seller’s market, you must come to the table with your highest and best offer, free of unnecessary contingencies.
Raven McSwain says – “By writing the best offer you can first, and even if your offer isn’t chosen you feel you gave it the best you could!”
Karen Archbell says – “Be prequalified. Submit your financials, be prepared with submit a substantial earnest money deposit and if your are going to guarantee appraisal, have seasoned funds.”