5 Things You Need to Know About the Sellers Market before Buying a House

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Finding the right house is not only a difficult, but also a time-consuming process. In the seller’s market, time is money. The moment you delay anything, a better buyer might come along and sweep your seller off his house. When this happens, you are left with discouragement and wonder why you didn’t emerge as the winner in the bidding war.

The truth is sellers are fickle. As soon as a better offer comes along, they roll over to the other side. This is why you need to be prepared when you are buying a house in Sandy Springs, GA. Right now, there’s a -10% drop in the median sales price. Currently, per square ft price going around in the area is $165. If you are planning to buy a house, now is the time to make your move.

What is a Seller’s Market?

A “seller’s market” is referred to the situation when the demand for houses is high, but the supply is low. This means, more people are clamoring for a house, and there’s a possibility that your offer might get lost in the sea of buyers. Following are five things you should know to assure that your offer gets accepted:

1. Keep the Mortgage Pre-Approval in your Back Pocket

A mortgage pre-approval allows you to buy the house from the seller then and there. When a seller makes an offer, you can immediately get in touch with your lender, and get a mortgage pre-approval letter to show the seller that you are a serious buyer.

2. Hire a Realtor

With a realtor by your side, you can find a house of your liking. Say you want a house in a certain neighborhood that is close to schools and the marketplace. The realtor will make sure to find you an offer that is within your budget and close to your expectations.

3. Learn to Compromise

Just because the house you found is missing some of the amenities you were hoping for, it does not mean you should discard the offer. Think long and hard because right now, you have an offer that is within your budget and only missing a few things. Don’t go for houses that are out of your budget in hopes that the seller will lower the price to match your budget.

4. Make a Higher Down Payment

The higher the amount you put upfront, the more the seller will be impressed with you and your offer. As mentioned earlier, the seller’s market is all about competition. If you have an edge over other buyers, the offer will definitely fall in your lap.

5. Hurry Up With the Home Inspections

Usually, you have two weeks to get home inspections done to find out if the house has any problems or not. The moment you are granted access to the house, get inspections done by a professional within a week. Calculate how much repairs will cost, and whether or not they are worth it. It is possible that in the future, the price of the house might rise, and you may get a pretty penny on your investment. Get everything done within two weeks, so that if you want to retract your offer, you can get your money back.

As long as you have an experienced real estate agent by your side, and the current real estate market knowledge, you can make better offers. By following these five tips, you will definitely find a house in no time that you can bid confidently on.

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