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  • Macy Joselyn

Buying in a Seller's Market

Updated: Feb 3


We all know it's a seller's market out there... that is no secret! But what if you want to buy a house? Where do you start? How do you get your offer accepted? That's where we come in and will help you every step of the way!



Here at the Rhae Group, we have been selling homes for 20+ years, and can promise you that we've just about seen it all. We know it can be daunting which is why we are here to do all of the heavy lifting. (That's why you hire the professionals.) Follow our guide so you know where to start and let us help you take it from there.


 

What is a Seller's Market?


Our world of real estate is currently in a seller's market, (almost nation wide). Well, what does that mean? It means that there are more people looking to buy houses, then there are people selling them. Seller's list their homes for sale and buyers flood there to get the first look and try to be the first offer in, followed by many more offers to come. People are getting competitive out there!



If you're reading this, it probably means you are starting the search for your new home, which is exciting! And maybe also a little scary. Continue reading and we can walk through it together.



#1: Where do I Begin?


Always always always start with getting a pre-approval from a lender. This is the case whether the market is competitive or not. A lender will tell you how much you can afford and gives you a great place to start when you begin house hunting. When you submit an offer on a home, you have to include the pre-approval from your lender, and let me tell you, there is nothing worse than finding a home you love and losing it while waiting on the pre-approval letter to come in.


If you don't have a lender, no worries! We have lenders that we work with on a daily basis and would love to recommend them to you.



#2: Start Searching


Ok, so you have the pre-approval letter in hand, now what? Begin the search! Start looking online for homes that fit into your price point. (Remember, we are talking about a seller's market here, so leave some wiggle room in the price so you can negotiate higher if needed.)


So maybe now you have a list of some homes that you like. Maybe you have narrowed down what you don't like. Next you want to contact a real estate agent. That's easy, you're already on our page and we would love to talk to you! One thing that I would like to point out while we're on the subject, is to make sure you are a good fit with your agent. This can be a stressful process and not getting along with your real estate agent would just add unnecessary stress to your plate! We always recommend interviewing a couple of agents to makes sure it's a good fit for both sides.


Once you have found the perfect agent, show them the list of homes you would like to tour and tell them what you are looking for in a home, and what you definitely do not want. Tell them your price point so that they can stay within your budget, or even find something under budget!



#3: You Found Your Dream Home


Alright, you have the pre-approval letter, a real estate agent and now found the perfect home! What's next?


It's time to write an offer!


This is when the heavy lifting starts with your real estate agent. They should be communicating with the listing agent to see if there are other offers in, how competitive those offers are and maybe seeing if there is something specific that the seller is hoping to see. This can give you a leg up so BE FLEXIBLE! Maybe they want a 30 day post occupancy after the home closes, allow them to do that. Being able to give the sellers something that they asked for specifically, shows that you really want the home and allows you to be one step ahead of other offers that did not do that.


Now if I am being honest, it's tough out there. Maybe you can do all of these things, you're flexible, you negotiated a higher price in your offer you waived inspections and you STILL didn't get the home. Listen, we have all been there and it sucks. But if you are on top of things and you are flexible with the process, then I promise you that you will find a house and be able to call it home!



 

I hope this was helpful for all of you buyers out there. Stick with it, get your pre-approval letter, find the best agent possible and you will find your way! Homes get put onto the market every week and there will always be a home out there for you. Don't give up hope and hopefully, we will be talking to you all soon. If you're looking for an agent that will fight for you, here we are! Just hit the "contact" button on our page and give us a call. We are always happy to help!

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