Tips for Buyers in a Sellers' Market

Houston Market is currently in the middle of a very hot sellers’ market with multiple offers and homes going under contract the same day they came on the market. Here are some tips for the home buyers to help them you stay focused and not be discourage from realizing their dreams.

Get Prepared – Once you decide to become a home owner, get prepared. Put together your documentations, review you finances - how will you pay for the purchase, what are you needs and wants for the home you buyer, what are you looking for in terms of where you want to buy, and put together your team of professionals to assist you with your purchase. If you are not sure where to start, hire a real estate professional and they will help you get started. A real estate professional will be able to provide you details on the home buying process, give you recommendation for other professionals to assist with the process and review you needs and wants to be able to find you the best home in your budget.  

Get your finances in order – Your next step is to get pre-approval. Having a lender pre-approval not only help you know your budget and how much home you can afford but it also shows the home seller that you are able to purchase their home.

Make your best offer your first offer – In a seller’s market the lowball tactics will only add to your frustration in securing the home of your dream. Buyers are making offers close to asking price and in some instances bidding up the price to above asking. So, if you want to be competitive, you need to make your first offer your best offer. Your realtor will help guidance you with an offer price that is competitive but also taking into consideration financial contingent for appraisal.  

Keep your offer simple and clean – Start with you best offer because majority of the time you only have one chance to submit an offer. This is not the time to look for a bargain or try to see what the seller will accept. With the help for your real estate agent figure out the property market valuation and submit an offer based on that information and what you are comfortable with in regards to price and terms.  

Write an offer letter – Another way you to make you offer standout in this current market is provide offer letters with your offer. Offer letter can make the process a little more personal to the seller and give the you the buyer standout and one step closer to your dream home.  

Be patience - It can feel overwhelming in such a competitive market. But with the right amount of preparation and patience you will ready to secure your dream home.  

Thank you for read. Let me know how I can help with anything real estate related.  

Sohna Jaye