Strategy for Buyers in a Seller’s Market

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Real Estate Agent with Durham Executive Group - RE/MAX/Results

Strategy for Buyers in a Seller’s Market

Strategy for Buyers in a Seller’s Market

 

Inventory is shrinking and prices are rising. The economy is chugging along well, but now interest rates are going up, a full 1% in the past month. But don’t fret. It’s still a great time to buy. Interest rates are still very low and homes are still a great value, and with prices rising, there’s a good chance you might actually gain equity over the next few years. But I’m not going to lie. It’s a tough market for buyers right now. The low supply of homes on the market is frustrating many buyers who are not prepared for the current market conditions. Becky and I are advising all of our buyer clients to have a strategy.

Get Pre-Approved

The best homes on the market are seeing offers within days of entering the market, sometimes faster, and often with multiple offers. Sellers want to know that the offer is coming from a buyer who will be able to close and will often choose a lower offer with a pre-approved buyer or a bigger down payment. You don’t want to miss out on a great opportunity. Get pre-approved before even looking at homes.

Use an experienced Real Estate Agent

With the tight time lines we are seeing in real estate transactions this summer, you will want an agent with experience who can swiftly guide you through the process of searching for a home, making an offer, and supporting you through the closing process. Be prepared to act quickly. When new listings come on the market, you need an agent who will be available to show them to you within 24-48 hours or you may miss your window of opportunity. Understand that you may need to make a quick decision on whether you want to write an offer.

Make a strong offer

We are no longer in a market where buyers have the upper hand. It is unwise to think you can write lowball offers. I am seeing a lot of multiple offer situations this spring/summer. Be ready with your best offer and consider offering more in earnest money or down payment. Keep in mind that many sellers are still in a negative equity situation and may not be willing to give you seller paid closing costs and a carpet allowance and may choose a competing offer that doesn’t ask for it.

John and Becky Durham are Western WI and Minnesota real estate agents with RE/MAX Results and Durham Executive Group. www.results.net/john.durham

John Durham - 651-231-2191 john@durhamexecutivegroup.com

Becky Durham - 651-231-2192 becky@durhamexecutivegroup.com 

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John and Becky are real estate agents with backgrounds and work experiences that set us apart from our competition. We are both educated with post graduate degrees and have worked in upper bracket professional management positions in both business and educational settings prior to real estate. We know how to work with all social and economic clientele - whether it's a first time buyer, or a multi-million dollar client. We put the emphasis on ‘EXECUTIVE LEVEL' service regardless of the size of the transaction.

Our mission statement embodies putting the client first. We recognize the importance of listening to, and fully understanding our clients' needs and concerns. Each of us brings a unique set of marketable skills with none more important than integrity and honesty. We give our word that there will never be a transaction we are involved with that is not handled with professionalism, honesty, and integrity. Additionally, we pride ourselves on our communication skills and the ability to market and negotiate our client's properties with superior results. In fact, our efforts were recently recognized with an award for our client marketing. This is a prestigious award only a few agents in the Twin Cities receive from the National Association of Realtors and Realtor.com.

 

John and Becky Durham

REMAX Results

604 Bielenberg Drive

Suite 100

Woodbury, MN  55125

Voice (651)231-2191

Fax (651)735-8246

John@DurhamExecutiveGroup.com

http://www.durhamexecutivegroup.com/ (Search All Properties Currently for Sale in Twin Cities, Greater Minnesota, and Western Wisconsin via our MLS - Enabled Search Engine)

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