How to Find a Home in a Seller’s Market
Buyers, this is a MUST-READ. The current Central Indiana Real Estate Market is moving quickly. Housing inventory is low, so we are in a seller’s market. This is great for home sellers, but for home buyers, it can be challenging. Homes are being listed and have an accepted offer in just hours. If you are looking to buy, you must be ready. Check out some tips below that will help you to find a home in the current seller’s market.
1. Start Early: With the market moving quickly, it is better to start early. Have a search set up many months before you want/plan to move. In coveted neighborhoods, sometimes there are very few homes that hit the market so if you begin your search early it will help you to see as many homes as possible in your preferred area.
2. Get Preapproved: Getting preapproved as soon as you are serious about purchasing a home is a must. If a home pops up that you are interested in and you don’t have a preapproval yet, it might be gone by the time you get one.
3. Move Quickly: If you are looking for a turnkey home, be ready to get going. You should try to get to the new listing ASAP and if you are interested, be all set to offer quickly.
4. Offer Smart: When writing an offer, try to make it as competitive as possible. If at all doable, keep the offer simple. Be flexible when it comes to the closing date. Figure out what day the sellers would like to close before deciding on a date and try to make that work for you if you can. If you are asking for closing costs and prepaids, go that much higher on the purchase price. Waive the survey. Give a small window for sellers to respond. Be clever about your offer to make it stand out as a competitive offer and you as a driven buyer.
5. Write a Letter: I know that some people are not sure if writing a letter and submitting it with your offer makes a difference, but I can tell you from experience that it can. If you are, or could potentially be in, a multiple offer situation, write a genuine letter.
With all that said, while purchasing a home in a seller’s market might seem overwhelming and challenging, still remember to keep calm and be patient. As your realtor, I will do everything that I can to assist you in finding the perfect home you are looking for. I will be on your team and focus on your search to get you to new listings that meet your criteria quickly. If you would like to start the process, reach out to me at 317.691.1875.
Buyers, You Got This!