Get Ahead In A Sellers Market!

If you’re in the home buying process, you might have already realized it’s a sellers market! Because home inventory is currently so low, sellers have the upper hand and many buyers are left waiting and waiting for that perfect home to pop up. Here are a few ways to keep up:

1. The housing market is moving quickly—really quickly! Well-priced homes in some neighborhoods are often selling within a day or two of hitting the market, and buyers are getting competitive. If you’re waiting a few weeks or a month to start seeing homes in person, it’s best to not get your heart set on a specific home that you see available now, as they’re selling fast. (We hate to see broken hearts!) And more importantly, when you are ready to see a home, try to schedule an appointment at your earliest convenience.

2. If you’re planning on getting a mortgage, it’s a great idea to talk to a lender before you start any serious home hunting. They’ll give you a realistic budget, and they’ll be able to draft a pre-approval letter for you. A pre-approval is necessary to submit with an offer (it shows the sellers that you’re good for your money) and you don’t want to have to wait around for that letter when your dream home hits the market.

3. We’ve seen more bidding wars than ever lately, and that brings us to the “P” word: Price! Bidding wars in a sellers market aren’t uncommon anymore, and homes in some neighborhoods will frequently sell for over the asking price. Sometimes the “asking price” is really the “starting price”! Your agent can help you further assess what is a fair offer and if the seller has had any other offers.

4. You’ve probably heard that real estate is hyperlocal, and it’s true! The market fluctuates neighborhood by neighborhood, and while sellers tend to have the advantage in our region, buyer’s markets do exist! Very broadly speaking, more rural communities that are further away from Philadelphia tend to still favor the buyer. For a more exact response, ask your EveryHome agent how the buyer’s market and sellers market is in your neighborhood!