Tips for the Buyer in a Seller’s Market (March 25, 2017)

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    By Sarah Bishoff, Nebraska Home Sales Realtor

    As the real estate season starts to pick up I am reminded of how quickly the market became a “sellers market” last spring/summer. If you are in the market of buying a home here are some tips that can help you navigate a successful home purchase.

    1. Get Pre-qualified/Pre-approved – Reaching out to your lender and getting a pre-qualification is a must. A pre-approval will take things one step further and ensure that you qualify for the loan amount you have requested. These letters, more often than not, are included with your offer to verify you are a serious buyer to the seller. You will want to have a copy of that letter on file.
    1. Reach out to your Realtor – Your agent can help you navigate the ups and downs and will be a valuable resource in constructing an offer that will appeal to the seller.
    1. Do your Research – Know your areas of interest ahead of time, list your wants and needs, set your budget and have realistic expectations with your budget. This research will help in making a quick and educated decision. This information also helps you maximize your time and be an efficient home shopper.
    1. Decide Wants vs. Needs – Make a list that separates your wants from needs in order to focus on the homes you need to turn your focus to. Don’t overlook homes that fit your needs but may need some TLC. Homes that may not be completely updated but have potential can be easily overlooked.
    1. Stay within your Budget – Unfortunately, a sellers market is not the time to go bargain shopping or submit “low ball” offers. In a sellers market homes usually go for or above asking price. Knowing your budget will help keep your home shopping focused when emotions may be running high.

    In summary, be prepared and maximize your time. These are key to helping you find your dream home in a high pressure situation!

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