You see it everywhere! There a no houses to buy and the minute a good one comes on the market, it's gone!
First of all let's explore why potential Sellers are reluctant to put their home on the market in the fist place. The biggest reason is the problem, they have no confidence that they will have a place to buy if they get a quick offer on their home. No Seller wants to SETTLE for something a bit less than ideal because they have a timeline on closing their home. Not everyone has a place where they can land their family for a month or two while they go through the search-to-closing process. Having an offer accepted with a sale contingency is a hard sell, but you are seeing more and more. Most however will have a kick-out clause in them which elevates the stress level as the transaction goes forward. What is your leverage as a first time buyer? TIME! Whether you are currently renting or living at home, you have an established residence and in most cases can push a closing date off another month or two to accommodate a Seller. In fact, they may be willing to take a little less to assure they can have time to explore all of their options on the other end. Other ways to win in this market:
Cash is always king, but as a first time home buyer with solid financing in place, you can be a player in this market. |
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