Buy Now! Buy Fast!!
All housing reports clearly indicate that Texas is a “seller’s market”. Make no mistake – it is. Inventory is low. If you want to sell, the time is now. Interest rates are low and buyers are looking for anything to take advantage of historically low interest rates.
When buying a home in seller’s market, you will need to act quickly, be well educated, and have professionally written offers. An agent who knows the area and the local agents will help you find a home and advise you on the right offer. The key is to act quickly. A good find will not be on the market for any length of time.
Educate yourself early about the process. Do not wait until the day you find the home of your dreams. Do your homework and prepare adequately. Know what you will need to do and how much it will cost ahead of time. It is essential to get pre-approved. You need to know what you can afford. Falling in love with a home that is out of your price range can be a disappointing experience. It is best to only look at homes that fit into your debt to income ratio. The mortgage process is complicated and intricate. In a multiple offer situation, a contract without pre-approval will fall to the bottom of the list. Sellers will choose the qualified buyers.
Expect the unexpected but prepare for disappointments. When buying a home in a sellers’ market, it is likely you will have a rejected offer along the way. Most buyers have experienced the disappointments of a failed offer at one point in their lives. Don’t stop. Keep moving forward. Things have a tendency to happen for a reason. If you lose several bidding wars, you will most likely need to rethink your strategy.
In a seller’s market, you will find it essential to be flexible. Do not find your intractable side when it comes to negotiating after the inspection. Be flexible about move in dates and down payments. A flexible closing can make a big difference for some home sellers who need to move in a particular time frame. Some sellers may need time to find another home.
Overcome weaknesses in your offer. If you have a 3-5% down payment, you may have a tough time competing against some of the investors paying cash for properties.
The search can take a long time, so start early. With low inventory and more competition, the search may take some time. Trying to buy in a “seller’s market” has its challenges. There may be many highs and lows. But in the end, you will own a home with the lowest interest rates this country has ever seen.
Source: “Tips For Buying During A Seller’s Market.” Tips For Buying During A Seller’s Market. Web. 26 Mar. 2013.
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