Tight Inventory Have Housing Feeling Like Black Friday? Here’s Some Advice For Buyers
Tight Inventory Have Housing Feeling Like Black Friday? Here’s Some Advice For BuyersNovember 24th, 2017 by
Does a shortage of homes for sale and competing offers feel a little like a mad rush for that flat screen TV these days?
When housing inventories are low across the market, as they have been for a while now, home buyers can start to feel like they’re caught in a Black Friday frenzy, but it’s your REALTOR’s job to help you into your next home no matter the market conditions! We understand the nuances of finding the right property for you when it seems like listings are limited, and help you with strategies for making the most attractive offer you can, amongst other potential buyers.
Some general advice we give may be more obvious – like advising our buyers to be pre-approved for a mortgage, deciding on a well priced offer appropriate to the market, or taking steps to act quickly with offers and negotiations. And sure, if you can make an all cash offer? Great, that’s an obvious advantage. But there are many subtleties to even these simple guidelines, and a number of other things that help a buyer win.
For example, most people aren’t in a position to make an all cash offer. But sellers favor strong buyers, and if you’re able to increase the amount of your down payment, we can use that to demonstrate to a seller that you’re more committed than other competing buyers.
And moving quickly on a purchase is more than just getting your offer in. We make sure you’re on top of any new listings as soon as they hit the market. We advise on getting the deal done quickly by limiting contingencies to keep your offer as clean as possible, but negotiating what is most important, and by juggling the scheduling of the details like home inspections and appraisals to get them done early. Shortening the terms of the sale to reduce the overall time period of the purchase can be a great motivator for a seller to chose you.
Finally, speaking of seller motivation – one of the less understood aspects of any transaction is the intangible of the human element. Uncovering a seller’s motivations, timeline, emotions and idiosyncrasies, is crucial to connecting with and negotiating with them. And establishing a rapport with a seller is so underrated in value. Buying or selling a home is still a human experience, and at the end of the day, people love their home and just feel better leaving it in the hands of someone they know will love it too.
There are plenty more things we could dive into, so if you have questions or if you’re ready to take a break from the big box stores and get out for a more relaxing style of Black Friday shopping by letting us show you some homes, contact us!