Getting a Handle on a Seller's Market When You Are a Buyer

By
Real Estate Agent with Long and Foster Real Estate VA License # 0225089470

Getting a Handle on a Seller's Market When You Are a Buyer

Entering a seller's market as a buyer can be trying.  Too much competition and too few homes can feel like you are pushing a boulder uphill.  In seller market conditions, prices are going up...FAST.  How do you get under contract with a property?

It starts with planning showings as far out as you can.  Coming soon listings may not have interior pictures, but book your showing NOW.  If you don't like what you see in the professional photos, cancel the showing.  But in a seller's market, with pandemic precautions making it impossible to have overlapping showings, book the time as soon as you.  

In concert with planning as far out as you can, you also need to be flexible.  Don't make solid plans when house hunting is a top priority.  I still remember the day, in a seller's market years ago, when the perfect home for my buyer can on the market.  I called him and he was at a park enjoying time with his friends.  By that time, we had lost so many homes that when I told him about what had just come up, and he asked if it could wait until tomorrow, when he heard me say no, he was in the car on the way to the home for the showing I had scheduled.

Once you have seen the home you want, write the offer with as few contingencies as possible.  The higher the price range, the fewer contingencies buyers are going to have in the Bristow or Gainesville marketplace.  First time buyer properties like townhouses may still be having inspections for informational purposes only and appraisal and financing contingencies, but don't count on it to be that way for all of 2022.  If you want a home, you need to show you are serious. High earnest money deposits and low appraisal guarantees are ways just about every buyer can show their seriousness.  If you don't need a financing contingency, don't ask for one.  Don't need an appraisal contingency, don't ask for one.

If a listing comes up on the market on Monday, don't plan on it being available for you to tour that weekend.  Get to that house as soon as you can.  Out of town?  Video tour with your buyer's agent.  This market is moving so quick that those who snooze, lose.  All the while, prices are going up and sellers are doing less and less to get their homes ready for market.

It isn't easy getting into a property in a seller's market, but the driver is often low interest rates.  Prices may be high, but look at your monthly payment.  Where rates are right now (January 2021,) buyers are paying more principal than interest on their very first mortgage payments!  That used to be an event that happened YEARS into the loan.

Having an agent that is dedicated to your success and is well versed in the pace of the market is just as important.  I'm one of those agents.  If you want to talk about what you need to do to get into a Bristow or Gainesville residential property, give me a call and let's talk.  

 

Comments (8)

Melissa Jackson
Century 21 Alliance Properties - Azle, TX
Helping You Make The Right Move

Great information for buying a home in this seller' market. All buyers need to be ready to move forward with their best offer immediately.  

Jan 27, 2021 07:19 PM
Chris Ann Cleland

You don't get a chance to negotiate in markets like this.

Jan 28, 2021 12:31 PM
Realtyna Inc
Realtyna - Newark, DE
Realtyna- MLS RETS Integration software & services

Hi Chris, great post! Your image says it all.

Jan 28, 2021 02:31 AM
Chris Ann Cleland

Thought it was fitting.

Jan 28, 2021 12:31 PM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Chris Ann Cleland - it certainly can be challenging for buyers now.  This has to be a priority.

Jan 28, 2021 03:52 AM
Chris Ann Cleland

You aren't going to get far if you don't know what you are up against and a plan in place to deal with it.

Jan 28, 2021 12:33 PM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

"Wonder Woman" .... push that pebble up that little hill!! 

know and understand the market; act fast; and make the deal a clean one....

Jan 28, 2021 03:58 AM
Chris Ann Cleland

Love that you see that rock as a pebble.

Jan 28, 2021 12:34 PM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Chris Ann - I am sure the recent multiple offer experience in your current market has underscored your thoughts on handling this situation.  Preparation by buyers(and their agents) is always key and takes on an additional role when the frustrating times seem overwhelming.  It isn't only about "winning" in the short term but achieving that happily ever after feeling.  Now, for a course for sellers - it isn't easy for them either.  

Jan 28, 2021 04:55 AM
Chris Ann Cleland

It's hard for everyone.

Jan 28, 2021 12:38 PM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

Absolutely. Buyers who want to win the home in a sellers market have got to be ready to make a strong offer with as few contingencies as necessary.

 

Jan 28, 2021 05:40 AM
Chris Ann Cleland

They really do or they will be looking for a long time.

Jan 28, 2021 12:41 PM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Chris Ann,

What a wonderful and informative post you shared for a buyer in a sellers market.  Happy Thursday!  A

Jan 28, 2021 08:12 AM
Chris Ann Cleland

Glad you stopped by.

Jan 28, 2021 12:42 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

And I would venture that when you met that buyer at the house you also had a contract ready for him to fill out and sign. This market doesn't allow for second guessing and thinking too long about that home.

Jan 28, 2021 02:22 PM