With the number of available homes at record lows and prices rising, the market can be tricky to navigate for buyers and sellers. Here, we offer some of our best tips for buyers & sellers in a seller’s market.
Tips for Buyers
Have your pre-approval all in order
In this environment, not having your paperwork in order is a non-starter for sellers. In this era of competing bids, being pre-approved shows you are prepared, ready to buy and a safer bet.
Boost your credit and maximize your credit score
Record-low mortgage rates can help offset the increase in home prices. To qualify for these great rates, make all attempts to boost your credit score and pay down debts.
Understand that you are in a seller’s market
By accepting that it’s a seller’s market, this can alter your strategy of home buying. Be ready to bid over asking price for a home you really want, put your best offer first and be prepared to forego contingencies. With multiple offers, sellers are unlikely to counter so put your best offer forward.
Stay alert and hire an agent who knows the market
In a seller’s market, leisurely home browsing is a thing of the past. Homes go quickly so if you are a serious buyer be prepared to see listings immediately when they are listed. Have your agent set up appointments as quickly as possible – before it’s too late.
Tips for Sellers
Declutter as much as possible and forego costly renovations
While this seems like a must for any market, Covid-19 has increased the need for multiple work and learn-from-home spaces. The more buyers can envision how they can utilize the space the more likely they are to offer more. This is also a cheaper way of preparing the house for showings as opposed to repainting or renovating – which may not be necessary in a sellers market
Accept an offer from a buyer who’s willing to wait while you find a place to buy
Being a seller is great – until you realize – you may then be a buyer and in a sticky predicament.
Limit showings or times for viewing
Restrict the time you show the home. This could force potential buyers to tour when other buyers are also present, which should spark a competitive nature.
Go to market right before the weekend
By listing your home 48 hours before the weekend, you can attract the eyes of those who are planning their weekend open house visits and scheduled showings by ensuring that all information has been shared across the internet. Sites such as Zillow and Realtor.com take time to update their feeds so be sure to have your listing ready to go in time. With any luck, you can review offers on Sunday night and be well on your way to starting the new week on a high note!
Contact us for expert help with buying and selling
Whether you are buying or selling, our agents have years of experience in varied real estate markets. Contact an agent today to get started.