Tips for Buying a Home in Sellers Market

Get Preapproved

If you are planning to finance the purchase of your home, getting preapproved is an important step of the homebuying process. You will not only know exactly how much you can afford, but you can submit the preapproval letter together with the offer. This will show the seller that you are able to secure financing and the sale will go smoothly with you as the buyer.

Be Decisive

Look at the market every day and when you see a home that you like, you can request a showing right away. If you hire me as your agent, I will do "the hard lifting" for you- I will look at current homes for sale daily, schedule showings, and call current owners whose house is not listed on MLS.

Submit a Clean Offer

During a seller's market, it's not a good idea to submit an offer with contingencies (such as selling your current home before you buy your new one). 

Let Go of Perfection

The inventory is really limited right now, and demand is high. This makes it even less likely that you're going to find the perfect home, and that's okay. If the home you like isn't perfect and certain repairs need to be done, you can request buyer's credit during the Due Diligence. That's why it is nice to have an agent who is a great negotiator.

Offer More Earnest Money

Earnest money is something like a deposit that shows the seller you're serious. The amount varies depending on the purchase price. If you have the option to pay with cash, that's almost always going to win your favor. Cash offers take out the element of financing contingencies, and they make for a simpler transaction, which is beneficial for buyers.  

Hope you found this info helpful! For more tips and advise, call me at 808-783-6333. Mahalo.