Right now, the real estate market is what we call a “sellers’ market”. This means that it’s a bit better to be selling real estate right now than buying it. Houses are selling at higher prices because supply is not keeping up to demand. Homes are also selling quickly. However, if you are a buyer in a sellers’ market right now, realtor.com helped compile tips for you. Don’t lose hope- good deals and dream homes are still out there.
1. Always be on call
Realtor.com says that one way to be a successful buyer in a sellers’ market is to be active and make house hunting a priority.
“If you’re only looking now and then when it’s convenient, you’re probably wasting your time,” says James Malmberg, an agent in Sherman Oaks, CA
2. Bring the paperwork.
Show your mortgage pre-approval letter and “proof of funds” letter from a bank as soon as you have them. Having the paperwork to actually show can put you ahead of other buyers.
3. Avoid contingencies.
“Typically, when home buyers make an offer, they do so only with contingencies. For instance, they’ll buy the home if the inspection goes well or if they can secure financing. But in a seller’s market, it may behoove you to drop one or two of these caveats to stand out to sellers, who generally would prefer as few hurdles on the way to closing as possible,” wrote realtor.com.
4. Widen your home search
While the first home to catch your eye might be too expensive, widen your search to similar areas. Maybe you can’t afford your favorite neighborhood, but a less expensive home in a an up and coming neighborhood could be just as great and even better in the long run. RE/MAX Paradise offers homes in many neighborhoods of Miami, and no one is better than the other!
As a buyer in a sellers’ market, there are challenges. However, with these tips and the expert help of a RE/MAX Paradise agent, there’s no reason you won’t be able to find an amazing home in Miami.