Seven Tips for Buying a Home in a Seller’s Market – What You Should Know
“St.Louis is currently in a Sellers’ market. This means sellers control everything,” says Deena Watts of The Watts Team Realty. The amount of homes for sale are at low supply. Potential home sellers are in control of supply. Aware of this shortage, sellers are taking advantage of today’s market and looking to get the most bang for their buck.”
For sellers, now is the perfect time to sell. For potential buyers, having a plan is a must. Buyers should approach sellers strategically and maneuver with a knowledgeable team,” says Deena Watts, of The Watts Team Realty.
Below are 7 tips she says buyers should consider when looking to purchase a home in the today’s market:
1) First consult with a Realtor Group, like The Watts Team Realty, to discuss your homeowner wants and needs.
2) Choose a lender who has the programs and interest rates that fit your budget. Your Realty Team can help you find lenders.
3) Once you’ve gotten your loan approval amount, search for homes priced LOWER than your approval amount. “In this market buyers will often have to bid over the cost of the home listed. Remember this is a Seller’s market,” says Deena Watts.
4) Be realistic regarding your home buying Needs versus Wants. Every home buyer should create a Needs and Wants list. Your Realtor will have home shopping worksheets. (Click here for a Free Buyer’s Worksheets)
“In this market buyers may have to buy what you Want then add Wants onto it,” says Watts. “Be honest with yourself about your needs, for example, how many bedrooms you need, how many baths, garage space, etc. Then be honest about your Wants, like wanting a finished basement. A basement can be finished after ownership.” Says Realtor Deena Watts.
5) Remember that Timeliness is of the Essence. Many homes have cutoff times for offer submissions. So be as flexible as possible with viewing times. Also, be prepared to supply us, Realtors, with necessary documents, and digital signatures, as quickly as possible. Prompt replies increase your chances of winning a home bid.
6) Understand that the current housing market is fickle. Stay steadfast and remain patient. “Houses are in high demand now. But don’t be discouraged. What’s for you will be yours. Just stick to your goal and work with us to help you achieve it and you will,” says Watts.
7) Be ready to hustle at the Finish Line. Once your home bid offer is accepted, you’re close but not a homeowner yet. There are often contingencies that need to be met before you get those house keys. Home inspections may be needed, loan requirements might loom, title searches may be required, etc. Your realtor can help you navigate the waters.
For more information on buying a home in this Seller’s Market contact Deena Watts, of The Watts Team Realty here —-> ( click for The Watts Team Realty )
Deena Watts, of the Watts Team Realty, has over 10 years of experience navigating the St.Louis Real Estate market. She can be found on Facebook at Deena Does Real Estate, and on Instagram at DeenaDoesRealEstate.