Buying in a Seller’s Market

In yesterday’s post, the real estate market trends report for Encinitas showed that currently north county is a seller’s market. This news is great for those looking to sell but what about those house hunting buyers. I am sure there are plenty of you out there but that is part of the problem. There are not enough houses for those who want to move to this beautiful area of San Diego County. So what can you do to find the house of your dreams and, the hard part, actually buy it?

When this dilemma entered my mind after yesterday’s post I sat down to try to find some good tips on how to handle house hunting, making offers, and buying homes in a seller’s market. Here are some of the great tips I found:

♦ Get preapproved for a mortgage; meaning have an actual preapproval letter. The sellers will be more likely to take you more seriously.

♦ Offer a large deposit on the home. This will make the sellers see that you mean business.

♦ When a seller makes certain requests that would reduce hassles for them such as leaving behind a piece of unwanted furniture then agree to it. You having to take care of those hassles is totally worth getting the house you want.

♦ In a seller’s market, always try to offer at least asking price because houses go quickly in a market like that because sellers tend to get multiple offers at once.

♦ Delay your buyer possession. If you give the sellers more time to move at their own leisure, then they will be more likely to look on your offer kindly.

♦ Ask your agent to call the listing agent for particular tips on how the sellers want the offer to be. If you can meet their expectations right off the bat, then why would they bother with all the other offers?

♦ Don’t wait until it’s the weekend before you go look at that house. Be at one of the first showings so that you can be one of the earliest offers made.

It seems like buyers might have to be more patient than sellers in a market like this but following these tips could really help shorten your wait time. The key is knowing what you want before you start looking for it and then, once you find it, pounce on it immediately. There is a bright side for buyers though; mortgage rates are extremely low. You still have a chance to find the perfect home for you in San Diego County so don’t give up!

Check out these articles here for more in depth info:

http://www.nytimes.com/2016/05/12/your-money/tips-for-house-hunting-in-a-sellers-market.html?_r=0

And here:

http://homebuying.about.com/od/buyingahome/qt/Tips-For-Home-Buying-In-A-Sizzling-Hot-Sellers-Market.htm

 

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