Tips For Buying A Home In A Sellers Market

Dated: 06/06/2016

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Tips For Buying a Home in a Seller’s Market

You’ve heard the rumors; it’s a “Seller’s Market.” Well if you are actively searching for a new home in the Salt Lake Valley, you know that it’s true. The low inventory of homes for sale has made things difficult for buyers. There just aren’t many homes for sale out there and when a nice listing does come to market, it’s met with multiple offers…..often with offer prices over list.

If you’re a buyer in this market, you might feel overwhelmed, discouraged.

To succeed as a buyer in a Seller’s Market you need smart representation to aid you. While you might not have the ability to offer thousands of dollars over asking price, often you can be competitive with terms.

The highest offer price in the world is worthless if the transaction doesn’t close.

Here are a few tips for buyers looking in a tight market:

  • Talk to a lender first. Know up front how much you can afford and qualify for. Get a solid pre-qualification letter from a reputable lender.

  • Watch for new listings daily.

  • Be prepared to pull the trigger. As a buyer in a Seller’s Market you won’t have the luxury of seeing a home several times over a week before writing that offer. Be clear about what you want and when you see it….write the offer.

  • Write a competitive offer. When you find a Salt Lake Valley home for sale that meets your needs, it’s time to write a strong offer. In a multiple offer situation, you might never get a counter, so give them your best right up front.

  • Keep contingencies to a minimum. One of the ways a Salt Lake Valley Buyer in a Seller’s Market can stand out from the crowd is by offering attractive terms. These could include shortening the inspection/loan periods or waiving some contingencies altogether.

  • Write a clean offer. Make it easy for the sellers to just say yes. Pay your own closing costs, split other costs and fees according to Salt Lake Valley customs.

Finally, the best tip for buyers in a Seller’s Market? Don’t get caught up in the frenzy. Things move quickly in a Seller’s Market and it’s easy to become fearful of not finding the right home. Trust your agent to be there to guide you. They will talk with you about what you really want and need in a new home and help you recognize which homes meet your criteria…and just as importantly…..which do not.

Salt Lake Valley is in a Seller’s Market but remember… nothing sells without a buyer! As that buyer, you are important as well. Successfully purchasing a home as a buyer in a Seller’s Market involves preparation, packaging and negotiation.

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Brandon Blackwell

Brandon began his real estate career in 2001. Over the years, Brandon has gained a lot of experience and knowledge of the real estate market and doing so he so is able represent his clients in the bes....

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