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11 Things A Buyer Should Know In A Seller’s Market- Part Three

Posted by Jason Patterson on June 1, 2016
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Part three of blog series, 11 Things Buyer Should Know In A Seller’s Market.” In parts one and two, the points were:

What is a seller’s market?

  1. In Any Home Buying & Selling Situation–Work with A Smart Realtor®
  2. Do Your Research Ahead Of Time
  3. Get A Mortgage Pre-Approval, Pre-Qualification Is Not Enough
  4. Look For The Potential In Every Home
  5. Stay Within Your Budget
  6. Offer More Cash Upfront
  7. Be Flexible On Timing
  8. Get Personal With The Home Seller

To finish this blog series, we will look at ‘wants verses needs’ and when it’s time to say, “This home and situation is not for me.”

  1. Separate Your Needs From Your Wants

You want to be personal with the seller in regards to creating a positive connection but don’t allow your emotions to rule your home buying choices. Here’s the situation: You find that perfect can’t resist, marble tiled—kitchen to die for home. But it’s over your budget, the seller won’t bulge on price and the lawn is dead. Plus, the school district isn’t exactly +A grade. Still you think, “But I love that kitchen!” What do you do? When buying in a seller’s market, you will find that you may have to forego some of your wants, and focus on your needs. You may have to compromise on the location, amenities, or condition of the home. Have a checklist of your needs, and refer to it whenever a new home comes on the market. If you are able to check off all the needs, make an appointment to see the home as soon as possible.

  1. Keep In Mind There Is A Time For Due Diligence

Many home buyers, especially first time home buyers, are sometimes hesitant to make an offer. They think they need to know everything about the home before placing their bid. After your walk-through and you absolutely love the house, don’t hesitate to make the offer. Come to terms with the Seller, then you have a Due Diligence Period, also referred to as the Option Period, to add, change or delete your contract. Remember, during this period you have 10 days for changes.

  1. Don’t Buy A Home You Don’t Love

Just because it has been difficult to win the bidding war, find a home you love and haggle with sellers, doesn’t mean that you should give up or settle. Settling means you won’t be very happy later on. Giving up—well that’s no good either. Buying a home is a big deal. Choosing a good real estate representative is your better bet and follow the suggestions in this blog. In any type of real estate market, there are always benefits for both the buyer and the seller.