Six Tips to Win in a Hot Sellers Market

In today’s real estate industry, it can seem impossible to close on a house no matter what you do. Even though it is a seller’s market, you can still get into a home, it’s all about your strategy. We’ve put together a list of six tips to help you win in a hot sellers market.

1. Accept Current Realities

It’s a seller’s market, so you need to be ready for competition. Unfortunately some agents will make promises to buyers that are too good to be true in hopes of gaining their business. The problem with this is that it sets the wrong expectations for you, the buyer. If the expectations are wrong, it can lead to a longer wait to get into the home of your dreams, and it ultimately it can cost you a lot more money as you continuously miss out on offers.

2. Cash is King

Sellers love cash deals with a quick close. If it’s at all possible, make cash offers because this can be your best chance at beating out other offers. However, this doesn’t mean that you HAVE to have a cash offer to get an offer accepted, it just makes it easier!

3. Pre-Approval > Pre-Qualification

Before you make an offer on a house, it would be in your best interest to get pre-approved. This is different than being pre-qualified, so lets take a quick look at the differences between the two. Mortgage pre-qualification is an estimate of what you might be able to borrow. It typically involves a credit check and some information about your income. 

Mortgage pre-approval is a little bit more involved as it requires tax information, copies of pay stubs, bank account information, etc. At the end of pre-approval, a lender will tell you how much they are willing to lend you if you purchase a home within the next 90 days. As a result, sellers typically take buyers with pre-approval letters more seriously.

4. When Financing, Close as Quick as Possible

A quick sale means quick access to cash for the seller. Because of this, it’s best if you can close on your offer sooner than any other potential buyers. Talk to your agent and lender about strategies to make this happen.

5. Be Flexible with Contract Terms

There are usually things that a sellers or buyers traditionally pay for, but these aren’t hard and fast rules. Buyers can pay for items typically charged to the seller, such as home warranty or title fees. The list doesn’t end here, though. Being flexible with traditional terms can help get a deal done!

6. Use A Trusted Buyer’s Agent

The most important thing that you can do when trying to win in a hot seller’s market is to use the right agent! Reach out to me with any questions, and I will be happy to assist you! You can either fill out the form below or contact me directly!