As the market changes, so should your strategies.
In a seller's market, sellers have the upper hand and buyers usually become more willing to accept higher prices and terms.
If you need to buy a house and it happens to be a seller's market, you lose the luxury of time, you can't tease sellers with lowball offers, and you can't make demands for repairs as much as you could if it's a buyer's market . But instead of accepting 'defeat', you can actually still make the experience easier for you.
Here are 5 homebuyer strategies according to Realty Times:
Make a good first impression
Impress the seller as well as their real estate agent. Have your agent profile your needs to the marketplace. Make sure to be specific with what you are looking for so you don't waste anybody's time. When you find the one, make a letter along with your offer and reasons why you love the home. Sellers usually want buyers who are straightforward and on-point. You don't want to be that buyer who commits to a specific deadline and don't show up or perform.
Get preapproved by a lender
Buyers with a prequalification letter always lead the pack. It's a great advantage considering that you already know how much home you can buy and you can make an offer right off the bat. When sellers see that you are prequalified, your offer will be on top of their list of prospective buyers.
Shop within your price range
Or below. If it is a seller market, it would be best for you to shop for homes that are below your budget so you have a wiggle room to make full price offers or have a chance in a bidding war. Pushing for a property that is over your budget will only cause frustration to you and your agent.
Be flexible
Manage your expectations and work within your budget. You might want to make an offer to that older home and spend the extra money on your budget for renovation. Don't sweat the small details like ugly wallpaper and stained carpets since you can always get new finishes since you got the deal at a lower price.
Be ready
Keep an open mind (and schedule). Your agent could call you to see you in 5 for a new listing. Get prequalified so you are ready to make an offer when you find 'the one'.
To successfully close a deal in a seller's market, you need to be equipped to respond to opportunities and requirements. And most of all, be ready to compromise - you can't afford to nitpick over small things.
