Imagine this: You’ve just walked through the front door of a beautiful home, newly listed for sale. The size is perfect, the neighborhood is ideal, and it’s within your price range. There’s just one problem – there are many other potential buyers, in fact, they are lining up outside ready for their turn to get inside! They all seem to love it as much as you do, and by the end of the day, multiple offers prove this to be true.
Believe it or not, this is what buying in a seller’s market can be like. These so-called “hot markets” are where housing inventory is low and prices are relatively high. And while these conditions are prime for sellers, they can make the process more challenging for homebuyers.
However, for many, buying a home in these markets is a battle worth fighting for – especially as rent prices continue to climb and interest rates remain near historic lows.
To navigate a seller’s market, you’ll need to beat out the competition. Fortunately, we’ve got some tips to help position yourself for success and find your perfect home.
Tip #1: Get Preapproved
Buying a home is a two-way transaction. As much as it may feel like it’s all about you, remember that there’s a lot at stake for the seller, too.
Here’s where GPS can help! Getting pre-approved, or having your lender verify your ability to afford a home loan for a specific amount, lets the seller know you’re qualified—and motivated. It demonstrates financial security, giving the seller confidence that the sale will go smoothly with you as the buyer. The process is different than getting pre-qualified as pre-approval requires documentation and is not based on estimates. In fact, in the current market conditions here in the Hudson Valley, NY, it highly unlikely that you will even get an appointment to see a listing if you don’t come armed with your Pre-Approval. Get in touch, we’ll be happy to assist, and we can do this in hours, not days. He who hesitates, loses the house!