Realtors all over social media are shouting it from the rooftops across the Metro Area: “It’s a seller’s market!”, “It’s a seller’s market!”, but what does that mean exactly? Simply stated, a seller’s market occurs when demand exceeds supply, or when there are more buyers seeking to purchase homes than there are available homes on the market. This market condition often leads to multiple buyers being interested in purchasing the same property. A seller’s market is a fantastic time to sell your home, but what do you do when you’re a buyer? How do you ensure that your offer doesn’t get shuffled to the bottom? When it’s a seller’s market, you can’t always compete against an all-cash offer from a buyer willing to close quickly. But there are some things you can do to make a great impression with sellers:
- Making a higher down payment – 20 percent or more. Sellers will worry less that you won’t qualify for a mortgage and know you are a serious buyer.
- Offering to make a larger earnest money deposit can impress: it signals you won’t easily back out of the deal.
- Shortening the contingency period and not asking for large seller concessions shows you’re committed to moving quickly.
- For the right seller, a heartfelt “buyer’s love letter”, or video, may tip the scale in your favor. (This is one of my favorites)
- Choose a knowledgable agent who is an expert in contract writing and negotiations.
Sometimes it’s not the highest-priced offer that wins the day, but a buyer willing to go the extra mile! If you want to learn more about our current market conditions and what it means for you and your family, give me a shout!
Your trusted neighborhood expert,