But this doesn't mean that buyers are completely disadvantaged because of the seller's market. Check out my video and read below for my tips for buyers in a seller's market.
I can't state that enough.
TIP 1: Find a Real Estate Professional that You Trust
Being prepared to buy in a seller's market starts with having a good, quality real estate professional that you trust from start to finish.
This is important because you need guidance from someone who understands the current market, what your next steps should be, and the whole lifecycle of the process.
Anyone who is actively following the real estate market right now realizes that a home goes up for sale today, and it's gone potentially this evening. We're seeing homes go within a few hours of being put on the market. And it's very very difficult to navigate through that. Again the best thing that a buyer can do is to be prepared because when that house comes on the market, they potentially may not even have time to go see it. If their job is keeping them occupied, they really need to have a good relationship with their real estate professional so they can have systems in place.
There are going to be a lot of multiple offer situations so they are going to have to be prepared to navigate their way though that. And what a lot of buyers don't realize is that sellers are looking for a lot of things beyond price. There are several terms in the contract that you need to be aware of so that you can present those terms in the most positive way possible so you can put your best foot forward with your seller.
TIP 2: Stay Calm When Surprises Come at You
There are going to be little things that come up throughout the whole process that are going to surprise you and everything is going to be a really big deal when it comes your way. The best thing you can do to prevent these big surprises is to understand them in advance.
There are always going to be hiccups.
There are always going to be things that you need to prepare for. The best thing you can do is at least have some idea that it might be coming before it actually gets there. This goes back to TIP 1: Find a Real Estate Professional that You Trust. If you have a good relationship with your realtor, they can help prepare you for the fast-paced market.
TIP 3: Figure out Your Money Situation Ahead of Time
When you're working with a good real estate professional, the first thing they are going to do is point you in the direction of a good loan officer. Someone that you trust and someone that you can work with.
This could be someone that you have a personal relationship with, or that could be someone that your real estate professional has a personal relationship with.
Being pre-approved and understanding what your budget allows for you is going to be really important.
Houses are going to come flying at you from all different directions but to really understand what your budget is and what that monthly payment is going to look like, along with any potential repairs, you might have to consider with those properties will be really important from start to finish.
TIP 4: Put in an Offer Even if you Don't See the Property in Person
If you aren't able to get to the property quickly, real estate agents have a lot of ways to give you a pretty good idea of what a property has to offer before actually going in there.
There's a lot of technology that we can use from walking tours through properties, FaceTiming with clients that cut out the time it takes to set up an appointment (usually during working hours) and drive out to see the house.
Being informed and working with your trusted real estate professional leads you to being able to put quick and smart offers together.
In most cases, you're going to submit an offer but it may not be accepted for 2 or 3 days.
That's when the buyer will have time to really go back in and make sure this property is right for them. But this way, you're still in the game at the very beginning.