5 Tips For Homebuyers In A Sellers' Market
Buying a home in a sellers' market can be challenging. In such a market, sellers dominate the scene and can change the patterns and price according to their requirements. In such a market, homebuyers have to make quick decisions, trying to stand the pressure of an aggressive market.
So, if you are a homebuyer in a sellers' market, MakaaniQ shares tips that will help you up your game and grab the home of your choice:
Set automated alerts
To begin with, set automated real time alerts that will allow you to know about a new property on the market the moment it is listed. For this, you could take help of digital real estate advisors, including PropTiger.com, Makaan.com and Housing.com, to get the best of properties across different price points. Before you set these alerts, make sure you pick up filters according to the kind of property you need and the price band you need it between. These alerts will help you get in touch with the seller immediately and your keen attitude towards the property may help you get additional brownie points.
Hire an agent
An agent can be your saviour when making a quick decision. And, in a sellers' market, only a quick and a guided decision can help you get the right property at a right price. Hire a professional who is well versed with the market and can help you tread through the challenge. They need to be proactive, quick at responding to your queries and should be great negotiators.
Keep multiple options
Don't just stick to one property. If there are multiple properties you like, pay due attention to each one of them. Understanding that homes go off the market quickly, multiple options would mean you could pick among the remaining ones even if one goes off the market. In a sellers' market, don't be afraid to quote a good price, too.
Come with a preapproved loan
A preapproved loan could be a binding force between the buyer and the seller. Telling your seller that you already have a preapproved loan would help him become serious about you as a buyer and would also show that you are willing to take over the property as soon as possible. Which seller would not want that?
Being over-analysing can be equally risky as being impulsive in taking a home-buying decision. In a sellers' market, this would mean that you will have to let go of the property you had planned to buy because someone else would have made the right decision a lot faster than you did. If the property fulfills your criteria of location, price, size among other qualifications, go for it before you miss out on it.