It’s all over the news and, more than likely, discussed among your friends and family. If buying a house feels out of reach—you’re not alone. We are currently living in what industry professionals call a “seller’s market.”
What is a seller’s market?
A seller’s market looks a little something like this: if you own a home right now and you're looking to sell, your house may sell for more than what it typically would. If you’re looking to buy, you may be spending above the seller’s asking price. You may also end up competing with other potential buyers, further increasing the price of the home.
If I’m buying a home, how does a seller’s market affect me?
In a seller’s market, you’re at a disadvantage because the market is “hot” and other potential homebuyers are looking, too. You might feel pressure to act fast, which could make you purchase a home without truly listing out the pros and cons.
What can I do as a buyer in a seller’s market?
Follow these tips to make sure that when you’re ready to make an offer, you’re doing so on your terms.
If you find yourself losing out on the homes you’re interested in, remember to be patient. A seller’s market usually comes with more variety, so make sure you stay vested in what’s coming up in the market. Many buyers end up suffering during a seller’s market because they get frustrated and discouraged.
If possible, make an emotional connection with the seller. If you happen to get into a bidding war, the seller might give the nod to you because they know you have a true appreciation for the home they are selling.
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Make an enticing offer.
You may also want to consider offering above the asking price. You won’t necessarily have to go over the asking price by much, but it may give you a competitive edge if other bidders are involved.
Have questions? I can help.
As a seasoned mortgage specialist with over 20 years experience, I’m eager to provide you with a wide range of mortgage options. That also includes thoughtful tips and tricks to put you ahead in a seller's market. I’m happy you help you get started on getting pre-qualified for a mortgage loan so you can start searching for your perfect home. More importantly, I stay current with all communications–text, email, phone calls–to make sure your pre-qualification loan process and mortgage journey are pleasantly manageable.
If you have any mortgage questions, feel free to reach out. I look forward to hearing from you.
Dawn – 605.271.9754
All loans are subject to final credit approval.This is for informational purposes; each situation is unique and to consult with a tax or planning professional.
Dawn Van Nieuwenhuyzen – Senior Mortgage Banker – NMLS #21096 – Plains Commerce Bank