How to Secure the Best Home for You and Your Family in a Seller's Market

By now, it’s no surprise that, along with the rest of the country, the Triangle is in the middle of a hot seller’s real estate market.  While homes at reasonable asking prices seem hard to come by these days, it is still possible to find the home you’ve been dreaming about for you and your family! 

If you’re currently looking for a new home, or are about to jump into the market, make sure to take these tips into consideration when searching and making offers!

1.    Choose to be represented by an experienced realtor.  For a variety of reasons, choosing representation, instead of attempting to buy a home on your own, is crucial, especially in today’s market.  For starters, with the supply of homes continuing to be sparse, just about everywhere you look, you’re going to want someone with access to MLS listings and Coming Soon Properties.  After all, many of the best houses that are sold in this market are often accepting offers before the house even hits the market.  Finding a home before it’s on the market is next to impossible without the help of a realtor.  Then there is the notion that homes are often being sold for quite a bit above the asking price in the current seller’s market.  Having a realtor at your side can give you the confidence that utilizing their experience, knowledge and negotiating power won’t allow you to over-bid, costing you additional expense. Professional local Realtors are experts and know the comparative home values in their neighborhoods and the inside knowledge of what to expect in any given situation.  

2.     Make sure you’re pre-approved, first.  This should always be the case but is even more critical in a seller’s market.  When sellers start to receive multiple offers, often within hours of going live, you can count on any offer without an attached pre-approval being thrown out immediately. 

3.     Do your research within your target market.  While you might have your heart set on specific neighborhoods, it’s important to expand your search, at least slightly, in a seller’s market.  If you care more about the home itself and less about a specific location radius, this might be a wonderful option for you to find what you’re looking for without having to settle on your “must-haves” list.  In a hot seller’s market, the most popular neighborhoods and communities are always going to trend higher and have lower inventory.  While you certainly could get lucky and find your ideal home within these locations, you’re most likely going to be paying significantly more and have to search for a longer period of time.  You’ve got nothing to lose by expanding your search!

4.    Start with your best offer.  This might seem a little backward to what you’re used to hearing but there is a good reason behind it.  In a seller’s market, sellers are often able to accept an offer, out of many, within hours of listing their home.  Given the many offers that are often submitted, many sellers won't even be in a position to counter-offer.  This puts other offers in the position of not having a chance to counter with the sellers.  Always lean on the expertise of your real estate agent to put your best offer forward first. 

5.    Consider the other factors that go into an offer.  This can get tricky, but what often gets an offer to stand out, aside from the money being offered, are the contingencies that buyers may need to add. One of the most popular of said contingencies is waiving the home inspection.  While this is certainly appealing to a seller, buyers should think twice and seek sincere advice from their realtor in order to make sure the home is well maintained and in good working order.  This avoids a lot of headaches and additional expenses in the future.   Other, more favorable contingencies for you as the buyer, could be giving the seller more time to move out, being flexible with specific dates and deadlines, and attaching more earnest money to the offer.   

Don’t underestimate the importance & sentimental value of attaching a personal letter to the seller.  While this isn’t a guarantee, attaching a personal letter explaining who your family is and why the house would mean so much to you can, at times, sway the seller in your direction.  While many sellers are excited at the notion of a new home and a fresh beginning, knowing that they’re leaving their current home in good hands could mean quite a bit to them. 

7.    Have money set aside in case the appraisal is low.  If you have your heart set on a home and aren’t hesitant to offer a margin more than the asking price, it’s smart to have money set aside in case you’ll need to pay the difference after an appraisal.  Since many homes are selling at record highs above that they’re appraised at, loans aren’t always covering the full offer.  This is an unfortunate reality in a seller’s market that can most often only be remedied with having extra funds available. Preparation and planning go a long way for buyers.

What’s most important is to remember to stay calm throughout the process and remember, your house is out there!  With a little research, the right representation in an experienced realtor at your side, and taking the right steps, you’ll be in your new Triangle area home in no time!

Ready to get started on your home search?  Start your home search here or call Masha for a personalized consultation.

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Masha Halpern Boutique Real Estate is your ultimate real estate resource for Chapel Hill, Durham, Carrboro, and surrounding areas. Visit my website at https://www.livelovechapelhilldurham.com/ for detailed information regarding today’s real estate markets.

Masha is a certified member of The Luxury Home Marketing Institute, participates in its annual Leaders in Luxury Conference, and works with The Institute’s thousands of members worldwide to share information about current listings.

Masha is also a certified member of Keller Williams Luxury International and is Chapel Hill & Durham's EXCLUSIVE  member of Cyber Stars International – Top Realtors Using Technology – a group dedicated to taking the best and latest technological advances and applying them to real estate advertising and marketing for her clients in all price points. Masha Halpern can be contacted for a private consultation by calling 919-951-1780 or by visiting https://www.livelovechapelhilldurham.com/.

BLOG CREATED BY:  AMANDA PETERSON