4 Top Tips for Homebuyers in a Seller’s Market
Spring has sprung in Birmingham, and so has the seller’s market! This time of year, buyers come out of their winter hibernation and begin the journey towards a new home right before summertime (and for good reason). Buying a home is stressful, and taking on the search in warmer weather (versus freezing temperatures) takes some of the edge off. Plus, for families with children, finding a home during the spring could have them moved in before the upcoming school year. Seems like good logic, right?
(Speaking of spring, have you done your seasonal home maintenance?)
Well, it’s not exactly the best approach. Because spring sends buyers into such a frenzy, sellers gain a lot of power, which can drive up home prices.
Don’t worry! If you’re looking for homes for sale in Birmingham, AL, ARC Realty is here to help you gain the upper hand. Below, we have listed a few expert tips to help you get a lower price on your dream home.
#1: Get Prequalified or Preapproved for a Mortgage
A beautiful, fairly-priced home for sale during the spring could attract multiple offers. How can you distinguish your offer from the others? Get prequalified or preapproved 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.
#2: Move Quickly
Go into your home search with a firm budget and a solid idea of what you are looking for. Homes for sale in Birmingham, AL, go quickly in the spring. 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!
#3: 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. Sellers love a short process because it lowers the risk of exposure on their property. Choosing to forego your contingencies will build trust with your seller.
#4: 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!
