Pro Tips for Buying a Home in a Sellers Market
It’s no secret the real estate market is hott and has been for awhile! Many new listings end up with multiple offers and are under contract in 1 day.
Don’t worry! If you’re looking for homes for sale in Central Alabama, ARC Realty is here to help you gain the upper hand. Here are some pro tips on buying a home in a sellers market.
Get Pre-qualified or Pre-approved for a Mortgage
Many homes are ending up in multiple offer bidding wars. How can you distinguish your offer from the others? Get prequalified or pre-approved for your mortgage. This tells a seller that your offer will stay the same throughout the sale. No seller wants to turn down other offers only to find that the buyer they selected can’t get approved for financing.
Move Quickly
Go into your home search with a firm budget and a solid idea of what you are looking for. Homes for sale are going quickly. The more buyers that visit a single home, the more offers will likely be made. Don’t let your competition get ahead of you!
In addition to a speedy search, you want to be prepared to make a quick offer. When you find the home you want, make your offer immediately; you can do this because you’ve established your budget and you know what you can spend. Go for the gold!
Consider the Contingencies
Contingencies protect the buyer, and in most cases you want to utilize them — but in a seller’s market, overlooking some of the contingencies could make or break the sale. By foregoing either your loan, appraisal, or inspection contingency, the period between the offer and sale shortens. Choosing to forego contingencies allows for a smoother transaction from the seller’s perspective but can open you up to risk
Hire a Real Estate Agent
If you really want a great house for a decent price, you are going to need a professional. Real estate agents know the best neighborhoods and have expert negotiating skills.
ARC Realty has several amazing homes for sale in Birmingham, AL, and we want to show them to you! Contact us today!
