How To Succeed As A Buyer In A Seller’s Market
Surviving in a seller’s housing market means knowing how to be a better buyer. The strategy is simple: buyers must take an active role in getting all their ducks in a row. If you are new to the real estate market, know that obtaining a preapproval for your mortgage is a prerequisite to getting into a Realtor’s car!
You will be at an advantage if you come armed with a preapproval letter and will be in a much better position in the event you end up competing with multiple offers on one property. Once you have handled this one key step in the process, your mind will be clear on what you can afford. Then you can focus on the market and refine what you truly need and must have, versus home features that you would like to have but are not high priority.
Being a better buyer in this market also requires you to be ready when you find the home of your dreams. You have to be prepared to make a decision and make a move when you find that perfect property. In a tight seller’s market, the competition could be fierce. Submit an offer that you believe will also work for the seller. This is where your Realtor can help. Ask a lot of questions. When does the seller prefer to close? Will the seller need a few days in the home after closing? Don’t forget to include a cover letter to the seller to give it a personal touch.
Being a better buyer means being a smart buyer. Doing your due diligence could alleviate the dangers of emotional buying. Knowing as much as you can about the property can also save you money in the long run and make for a smoother closing.
The market environment is the seller’s domain right now. Potential buyers need the most updated information available to make the right decision and take advantage of a Realtor’s negotiating experience. Here are a few of the many reasons for working with a Realtor: 1. Realtors are specialists who are educated in buying and selling real estate. 2. MLS Listings are not the only place to find a property.
Realtors have their own sources of information and networks. 3. Leave the negotiating to the professional not all of us can master this skill. 4. Realtors spend hours researching neighborhoods and tax records, as well as analyzing seller motivation. 5. A really dedicated Realtor lives, eats, and breathes real estate every day! 6. Realtors’ networks include lenders, escrow and title companies, home inspectors, appraisers, termite inspectors, contractors and land surveyors. And this is just the minimum on a single transaction! Real estate is definitely a people business. 7. Realtors understand how to guide you through the Purchase Contract, which is a lengthy, legally binding contract that requires perfect timing in meeting all the terms and conditions and ensures the buyer and seller perform as required every step of the way. 8. Realtors must enroll in and successfully complete periodic Continuing Education courses to stay licensed in the State of Hawaii. In addition, designations such as CRS, GRI, ABR, CRP, CCIM, CIPS, SRES, to name a few, indicate that the Realtor has been trained in various specialties that contribute to their expertise in serving clients.
9. Realtors are bound by law to act on their clients’ best interest. 10. Realtors are a lifetime resource for your real estate needs. Have post-closing questions? Ask your Realtor. Want to move up to a bigger home? Ask your Realtor. Find a Realtor you trust and like. The relationship you build with your Realtor will help in making decisions easier and your transactions successful.
When looking to hire a mortgage lender, please consider Compass Home Loans. We are a Hawaii-based company with some of the most experienced mortgage professionals in the industry. We are committed to our customers and invite you to experience the difference. We encourage you to schedule a no-obligation consultation with one of our Home Loan Originators who will provide you with information and, if warranted, a preapproval letter to start you on the road to homeownership! Please contact us at (808) 518-3650 or visit our website at www.compasshawaii.com.