When the market shift to sellers, buyers need to change their approach.
When the sellers market turns hot, buyers need to be ready to pull the trigger.
We recently interviewed Mitch Miller, an experienced REALTOR with Better Homes and Garden Real Estate. He indicates many home shoppers are often slow to fully comprehend when the market shifts. The laundry list of a demands for perks and accommodations that buyers get used to demanding can just can disappear overnight.
He offers the following tips when a sellers market hits:
Don’t be too picky over painted walls and the front door. You can change all the painted colors and put your own mark on the home with a new front door fairly inexpensively.
If the house meets most of your needs, make a an offer. The perfect house will not come along and this one will go to another buyer tomorrow.
Location, Location, Location. You can update the house or add on, but you cannot change the location. Never forget that.
Get pre-qualified for the loan you can afford. Nothing gets a sellers attention like a ready to go buyer.
Be flexible on closing date and possession. Sellers will prefer you as a buyer if you know their needs as well. Your agent can inform you.
The one thing you can still ask for is a home service contract. This is the one request you can make because it benefits and protects not only you, but the seller and their agent as well.
The National Home Service Contract Association (NHSCA) is a non-profit 501(c) (6) industry trade organization of member companies serving home service contract providers and consumer interests throughout the United States. For more great industry, media and consumer information, visit http://www.homeservicecontract.org or call 913-871-5600.