5 Tips for Buying a Home in a Seller's Market

Are you considering purchasing a home? Or perhaps you've already been pre-approved for a mortgage, and you're excited to start visiting amazing properties for you and your family? Congratulations! Yet, while buying a home is extremely exciting, it can also be nerve-wracking, especially at the moment! 

Record-low mortgage rates, combined with a low supply and high demand has created a cut-throat real estate market for buyers across the country.  Now, what does it mean for you? Well, you might find the property of your dream, make an offer, and start to visualize yourself creating beautiful memories with your loved ones, only to see your offer rejected because the competition is fierce and someone else offered more!

That's why we've decided to compile our five tips to help you beat the competition in a seller's market.

1. Move Quickly

In a seller's market, time is of the essence.  With inventory still being relatively low and the competition high, you need to keep an eye on listings every day. It would help if you also were ready to visit a property you like within hours or a day of it being listed. This will give you the edge over the competition as other buyers might not be able to organize a visit as quickly.

2. Become an expert with sold prices

During a seller's market, the asking price is often not the selling price. Owners may price their home under what they expect to generate in a multiple-offer situation. An experienced Realtor will provide you with a list of recent Comparables, including the listing & sold price of homes. Buyers should familiarize themselves with the current market conditions to have a realistic view of what a home is truly worth. 

3. Make your Strongest Offer Early

Now, this might not seem like a classic piece of advice, but in a seller's market, putting your best offer upfront could potentially help tip the balance in your favour. Things happen fast in these market conditions, so your offer should be clean and appealing enough to the owners. In other words, if you like the house, now is not the time to try and negotiate on minor details ;)

4. Tell the Owner about Yourself

You found the perfect place and are ready to make an offer now. Crafting a friendly hand-written letter to tell the owners about you, your family, and why they should pick you is an excellent way to increase the odds they'll accept your offer.
Sellers are humans just like you and they, too, respond to emotional triggers. As a result, building a connection with the owners with a heartfelt and authentic letter can make all the difference. Try and share your attachment to the house, explain how you felt emotionally when you visited it and how you can picture your kids playing in the garden.
This will help them connect with you better, and hopefully, accept your offer ;)

5. Buy a Home You Love

As our last tip, we would also recommend that you make sure you buy a house you genuinely love!
It might seem obvious but, in a seller's market, many buyers get caught up in the heat of the moment trying to close the deal quickly to beat the competition after house hunting for weeks. Yet, remember your goal is to buy a beautiful home for you and your family to grow and create incredible memories together. If you don't love the property you're buying, you'll regret your decision later, and it might affect your experience of the home as a family.  Time is of the essence, yes, but loving the property; you're about to buy more important ;) 

While we hope this article will help you win in the seller's market and purchase a wonderful home, the biggest tip we can provide is partnering with Real Estate Agents that genuinely have your back and are always on your side. 

Contact us, and we'd be happy to help you navigate this crazy market we're currently in!