Much like the stock market, you can’t predict the real estate market. Even though mortgage rates are rising and asking prices are dampening, there’s still a low inventory of homes for sale. That means, at least for the time being, that buyers looking to purchase a home in Volusia County are still operating within a seller’s market.
Fortunately, a top local real estate brokerage company can help you navigate the unique challenges that come with buying a home in a seller’s market.
5 Factors To Consider When Buying a Home in a Seller’s Market
Seller’s market or not, searching for the perfect home is challenging. It’s easy to feel overwhelmed by obstacles you encounter or offers that aren’t accepted. Still, all you need is a little encouragement, momentum, and trust to see your way through and find your dream property.
- Are you prepared?
When making an offer in a seller’s market, you want it to be as “clean” as possible. That often means coming to the table with a prequalified loan and a willingness to waive contingencies, such as selling your existing home before the deal on your new one closes.
You also want to build a trusted team to see you through the process. Make sure you have a professional broker on your side who has the skills needed to move quickly and efficiently.
- Are you flexible?
How much “wiggle room” do you have in your budget? Are you willing to give up one or more “must haves” if a property is located in a neighborhood you love?
Though it’s common to ask for some existing furnishings when buying a home, it’s often better to forgo those requests in a tight market. If you want to seriously compete, it’s best to stay focused on achieving your goal: buying a house. You can purchase chandeliers and deck furniture after the deal closes!
- Are you available?
With so many buyers looking for homes, timing is essential. Staying readily available and open to communicating with the seller means you’ll be ready to make an offer at a moment’s notice. Your real estate agent can work with you to ensure you respond quickly, follow up on requests, and get updates. Consider having a conversation with your broker about what you are and aren’t willing to do in case you’re not reachable or available at any given time.
- Can you afford to put up more cash?
A seller’s market is not conducive to making low offers and hoping the seller will accept. Your bid must be strong enough to compete in a multi-bid situation. So, if you’re convinced you’ve found the exact home you’ve been looking for, you might need to go above the asking price.
A knowledgeable real estate professional can guide you in making an offer that shows a seller how serious you are without breaking your budget. Keep in mind, too, that making an offer above the asking price doesn’t cost you much in the long term, as your monthly payment will only increase substantially if you offer something far above the list price.
- How much time do you have?
Looking for a home in a seller’s market can be time-consuming. A broker has access to nearly every available home, whether it’s listed or not. If you plan to conduct a search yourself, be prepared for the process to take a bit longer, as you may discover that homes you find online or in newspapers have already been snatched up.
On the flip side, if you’re not under any pressure to find a new home, you might want to think about taking a break from your search and wait to see if the market opens up a bit more in the coming months. Of course, the risk is that prices will rise while you wait. Your real estate agent can help you weigh the pros and cons.
How to Win In a Seller’s Market
There’s simply no understating how critical it can be to have a good broker in your corner who has:
- The expertise to negotiate deals where each side feels they’re a winner.
- Comprehensive knowledge of the local market.
- Refer you to other professionals such as lenders and real estate attorneys.
The bottom line? You can still come out the champion in a seller’s market—provided you have the right team, frame of mind, and strategy. Working with a trusted real estate professional ensures you make a game-winning play for a property you love.
If you’re looking for a new home or investment property in Volusia County, Bee Realty Corp is the region’s largest-producing private broker. Let us bring our decades of expertise to help you find the perfect property.
Talk to one of our agents today by contacting us online or calling us at 386-279-7522.