TOP Strategies in a Seller's Market

4 TOP STRATEGIES in a Seller's Market

BIDDING WAR

Be prepared for a bidding war in a seller's market. Often times we start looking at homes in the price we feel meets our current budget. Check your preapproved amount and start looking below your approved dollar amount. This leaves room to bring yourself up to the your approved dollar amount during a bidding war. This ensures you can participate in the fun of a bidding war and find success, with full armored defeat as a #WARRIOR!

STRONG OPENING OFFER

It is not all about the Benjamin's! A strong offer can also consist of offers such as; a quick closing, no conditional repairs and of course more earnest money. Remember, the most common practice is to bid for a property below asking price but not over the 10% rule. In a seller's market, homes go quick! If you like the home offer the full amount! If you like the home but love the process of negotiating for that little jolt of euphoria, offer them more earnest money with a quick closing at asking price! This might allow the seller to just say let's take the deal vs. negotiating with another party that just gave them the asking price. Or better yet, offer no conditional repairs and asking price! The sellers know the market they are in and know right away that offers will come in and more than likely they will come out with more. Therefore, in a sellers market, low balling is fine if you want to play Russian roulette with the home of your dreams!

OVER-ANALYZING

You like the location. You like the price. You like the size. You hate the kitchen. The yard needs maintenance. The colors are hideous. GREAT! Now go look at a few more homes and see what your market options are, remember they are limited in a sellers market! "You did plan your whole day with homes to look at right?!" #SayYouDid. Now go back to that over analyzed house, #TODAY, and look at it to see if it is just a little blood, sweat and in the end tears of joy. My biggest accomplishment was taking a home and walking back into it and saying "I think we can make work with all new paint, flooring and ....." AND WE DID! $47,000 equity later we sure did make it work! In short, stop chasing the deal of the century to fulfill your dream! Create your own dream in the homes you walk into and trust your gut instinct. Stop over analyzing everything and move on because it always works out! If it is that location, price and size...ask yourself "Am I Over Analyzing"?

KNOW YOUR LOAN OPTIONS

Know my loan options? Isn't that what my lending agent is for? NO! Did you know there are options that allow you to add to your loan to fix up the house you want! Sure is! This is where you need to go find a lending institute that will give you options. They will tell you your approval amount and all the best programs to fit your needs. If they know you don't have very much money to put down, they can show you options for no money down and where to look. Knowing these options allow for unnecessary house hunting and necessary knowledge is very important. Now every home you walk into, you will know the vast amount of professional repairs that will get done when you close on the home and make your dream come true! Wasting time on houses that do not meet your needs in a sellers market is not what you need or else you will get sick of it and get frustrated! But knowing many loan options, gives you a strategic advantage when walking into that right home that fits your needs in a sellers market.