Tips for Prospective Buyers in a Seller's Market
March 26, 2018 |
seller's (or sellers') market
phrase of seller
1. an economic situation in which goods or shares are scarce and sellers can keep prices high.
Home buyers looking to buy this spring & summer should be prepared to make quick decisions and strong offers to be competitive. Be sure to discuss these tips with your Realtor when writing an offer and negotiating terms.
1. Discuss the contingencies you’re willing to waive ahead of time. If you find yourself in a multiple-offer situation, any
concessions you’re willing and able to make regarding inspection results and repairs or being flexible on the closing date may put you in a stronger position than other buyers.
2. Consider offering a rent-back agreement.
Sellers who plan to purchase another home are also going to have a difficult a time finding a place in this tight-inventory environment. Offering sellers the option to rent back their home after closing so they can stay longer while they look for another
home could make your offer stand out. This may not be an option for everyone, but if so, be sure you are totally comfortable with the arrangement and ask your REALTOR® to explain every term in the agreement to avoid any confusion.
3. Be financially prepared beyond the mortgage preapproval letter. If you have any credit issues, clear them up early
and be sure you have the funds necessary to close. If there is anything that could stall a transaction upfront or at closing, consider working with a credit counselor or other professional to remove all obstacles before you start looking for a home.