HELP BUYERS FIND A NEW HOME DURING A SELLER’S MARKET.
While a seller’s market can mean great news for sellers, it is trickier for buyers. As an agent, it’s your job to help those buyers put together attractive offers and help them get to close on their dream house. However, during a seller’s market, buyers may need a bit of extra guidance.
Here are our top 6 ways to help buyers during a seller’s market.
1. Start looking early.
The earlier buyers start looking in a seller’s market, the better position they will be in to find a home they love. Looking up to 6 months in advance will give buyers the chance to see everything on the market and provide them with ample time to find the right home, submit an offer, and close on a house.
2. Get everything in order.
To be in the best possible position when buyers find the right home, they should have everything in order. Getting pre-approved for a loan and making sure they can qualify for a mortgage at the right amount for the home they want will help them put together an attractive offer.
3. Put together an attractive offer.
When sellers are getting tons of offers, buyers will need to put their best foot forward. To put together an attractive offer, consider some of the following.
- Include a personal letter to help appeal to the sellers.
- A firm, cash offer, potentially over the asking price, can help the offer stand out.
- Non-price related factors, such as no contingency or a short inspection period, will also help an offer stand out.
4. Learn from mistakes.
If an offer isn’t accepted, take a look at it to figure out why. This way, when the next home comes around, buyers will learn from those mistakes and prepare the perfect offer for this home.
5. Prepare for a bidding war.
During a seller’s market, buyers may find themselves in the middle of a bidding war. To prepare for this, make sure the buyers have set their upper limit ahead of time so they don’t get in over their heads.
6. Have a backup plan.
If your buyers are also selling their house at the same time as looking for a new one, make sure they have a backup plan. If their home sells quickly, they must be prepared to find a rental for the interim or have somewhere else to stay.