As a buyer, you are already in a vulnerable position in this process as the party looking to spend money in order to gain new (a newly constructed home) or used product (an older, lived in property). This vulnerability can be compounded by being a buyer in a market geared toward sellers. In this position, it is important to remember a few things.
First, be prepared. When you are buying in a sellers’ market, you need to be able to move quickly when you find a house you think is right for you. A couple of things you’re going to want to do to avoid any untimely stalls in the homebuying process is:
Second, know what you want. Make two lists, one full of all things you dreamed of having in your new home. Then make a much shorter list of non-negotiable features that you need in a house for it to suit your NEEDS. In a sellers’ market, you are not going to have much time to go back and forth over this decision. By all means, think it through thoroughly, there’s nothing worse than buyers remorse on something as big as a house. When buying a house in a sellers' market it’s essential to be FLEXIBLE about the things you WANT, some of them are things you can add on later, and KNOW what you NEED
PART 2
Delana Cotton servers the northeast Atlanta region that includes Dacula, Winder, Lawrenceville, Buford, Snellville, Conyers and surrounding areas. Delana treats every transaction as if she were you, the buyer or seller. If you have a real estate transaction on the horizon, meet Delana for a no pressure chat over coffee.
First, be prepared. When you are buying in a sellers’ market, you need to be able to move quickly when you find a house you think is right for you. A couple of things you’re going to want to do to avoid any untimely stalls in the homebuying process is:
- Know your finances. Get pre-approved by your lender. Being pre-approved by your lender is allows sellers to know that you can afford a mortgage or loan. Fix your credit. While having outstanding credit isn’t exactly necessary it is definitely a boost. Know how much money you have ready for a down payment. Again, you don’t have to be able to put down as much as some people may tell you. However, having more money is a boost when competing with others over a home.
- Make a good bid. The list price isn’t set in stone; it’s more like a suggestion. However, it’s definitely something you need to pay attention to. The seller listed that price because they are hoping to get at least that much, if not more. This is where an inspector comes in. Don’t pay more than the house is actually worth; there might be things on the property that needs fixing that either you will need to take care of or you’re going to need to get the seller to fix themselves. Once your inspector has surveyed the property make a bid that is fair to both parties if you want the house. When you are buying in a sellers’ market, you’re going to want to keep the negotiation process short. Remember, there are likely other people also bidding on the property.
Second, know what you want. Make two lists, one full of all things you dreamed of having in your new home. Then make a much shorter list of non-negotiable features that you need in a house for it to suit your NEEDS. In a sellers’ market, you are not going to have much time to go back and forth over this decision. By all means, think it through thoroughly, there’s nothing worse than buyers remorse on something as big as a house. When buying a house in a sellers' market it’s essential to be FLEXIBLE about the things you WANT, some of them are things you can add on later, and KNOW what you NEED
PART 2
Delana Cotton servers the northeast Atlanta region that includes Dacula, Winder, Lawrenceville, Buford, Snellville, Conyers and surrounding areas. Delana treats every transaction as if she were you, the buyer or seller. If you have a real estate transaction on the horizon, meet Delana for a no pressure chat over coffee.
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