How Buyers Should Approach This Market

If you’ve considered purchasing a home this year, here are six things you should know about buying in today’s market:

1. Have a good Realtor to help you find leads. Many buyers are saying there are no listings available, but new listings are coming out every day—you just have to find them.

2. You have hours to make a decision, not days. If you see a house you like in this market, don’t wait multiple days to jump on it. If you do, it’ll be long gone by the time you get around to making an offer.

3. Forget about comparables. Many properties are selling over their comps, so be prepared to pay the seller a competitive price.

4. Be willing to pay over asking price to compete. If the home has been on the market for 30 days or more, that’s a different story. However, in general, you have to be willing to pay over the list price.

5. Days on market are key. If a good property has been on the market for less than seven days, it’s likely going to sell. If it’s been more than 21 days, it’s probably overpriced.

6. Cash is king. Buying without a financing contingency puts you in a strong position. If you can’t pay cash, get pre-approved and make the offer without the financing contingency.

If you have any questions or need assistance in buying a home, give us a call or send us an email. We’d be more than glad to guide you in the right direction.