Homebuying 101: How to Survive in a Seller’s Market
August 31, 2021
In the aftermath of Covid changing the work-from-home game, real estate sales have skyrocketed in numerous cities, as demand for new home sales continues to outpace the overall available inventory.
According to Forbes.com, these are the top 10 cities in the U.S. where sellers are getting the most of their asking prices in 2021:
- Oakland, California
- Rochester, New York
- Austin, Texas
- San Jose, California
- San Francisco, California
- Seattle, Washington
- Buffalo, New York
- Grand Rapids, Michigan
- Eugene, Oregon
- Denver, Colorado
What does that mean for homebuyers in these markets, and many similar cities around the nation? It’s time to start thinking flexibly and get creative in your negotiating if you actually want to buy a home.
We know the importance of helping to set yourself up for success, so we’re sharing several key insights to help you survive a tight seller’s market:
- Understand your market – Work with a real estate professional to gain a better idea of what’s working and what’s not working in the area where you’re looking to buy. What’s the average percent of list price for home sales? How does the inventory compare to past years? At a minimum, knowing the answers to these questions will help guide you in the process.
- Get into properties right away – Calling on a Monday for a weekend showing is so, ahem, 2010s. Do your best to see new homes coming on the market (that you’re interested in pursuing) within the first two days of a listing, if not even earlier, via knowledge of a private listing from a realtor’s connection
- Get pre-approved for a mortgage – Showing that you’re already on solid financial footing can greatly increase the chances of a seller agreeing to your offer and help you save precious bargaining time in a tight market. Shore up your credit report to avoid any surprises — for both you and the seller. Then include the pre-approval letter with your offer.
- Write the offer on homes you like – Sure, you might not get your first choice, or your second … but you’ll get zero house if you never write an offer. Take the chance and if possible, present your best offer in person. (You might also want to visit our previous post all about how to help your offer stand out.)
- Use all the online tools in your toolbox – In some instances, seeing a house right away in person simply isn’t an option. Set your alerts to get notified for new home listings in specific towns, zip codes, and/or school districts. Be sure to use all of the online tools at your disposal — from Zillow.com to realtor.com to niche websites for navigating the mortgage and moving company estimates process.
At Beltmann, we’d love to help you prepare for any upcoming moving and storage needs, particularly in a super competitive market. Just contact us for a free contactless quote, and we can help walk you through the process.
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