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Tips for Buying a House in a Seller’s Market

May 28, 2021

The housing market is hot and that means that it can become more challenging to find and purchase your dream home. Fewer homes have been for sale, and when they go on the market, they get snapped up quickly. People are paying top dollar for homes right now, if they can get in on a deal at all. Here are some tips to help you buy a home.

Understand the Market

The housing market fluctuates all the time. It is helpful to understand where the market is at any given time. Generally, in a balanced market, homes take about four to six months to sell. When homes sell more quickly, it is considered a seller’s market. Stay current on market prices and talk to your realtor to find out the prices of local homes.

Get Pre-Approved

Pre-approval is a process that can take some time. Sellers will not want to wait while you submit your application and find out whether you are approved. There are many other buyers who already have approval and the seller will simply sell the home to one of them. It is best to get complete approval for the loan so you can close quickly. This added step can put you ahead of many others who are not yet approved for a home loan.

Know What You Want

No house is perfect, but in a seller’s market, you will not have time to waste. You should make a list of the features that a new home must include along with others that you prefer but can live without. Share the list with your realtor so you do not waste time shopping for homes that do not meet your needs. Be willing to compromise in order to purchase a home that is the closest to your ideal.

Shop Online

Most homes for sale are listed online. You can save a lot of time and effort by viewing homes online. Make a list of the homes that you would like to tour in person. Do not wait to take action. Get an appointment to see the home as quickly as possible before someone else buys it. Drive around the areas that you like and research the schools and other features so you are ready to decide about a home quickly. Work with a real estate agent that has access to the newest listings.

Sell Your Home on Contingency

If you need to sell your home before you can move to a new one, make sure to include a contingency clause in the contract. This will ensure that you will not need to close on the new house until you sell your current one. Prepare your home for fast sale by fixing it up and staging it so it looks its best. A fresh coat of paint and a few minor repairs can often give your home an updated appearance.

Get Legal Help

Your home is one of the largest purchases you will ever make in your lifetime. Home contracts can be complex. You need to make sure that you read the contract completely and make any changes that will be in your best interest. An attorney will assist you in reviewing the contract and making sure that the contract is fair.

For more than 150 years, Moen Sheehan Meyer, Ltd. has been helping clients with their legal needs. Contact us today online or by phone at (608) 784-8310 for help with your home purchase or sale contract.

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