The tide has turned. The buyer's market in real estate has suddenly turned into a seller's market. With that change, the landscape has changed for both buyers and sellers. If you want to buy a new house in this market, you are going to need some tools to be successful. Jeff Aughey, Realtor for the North Fulton and Southern Forsyth Counties can help. Here are a few tools for buyers in today's market.
The Tools you Need to Buy in a Seller's Market
1. You need to have immediate email alerts when a new listing is entered in the market.
Talk with your real estate agent to determine which system is best and then keep an eye on your email account. Please note, you will not get the level of immediacy you need from Trulia, Zillow and other national home search tools simply because they do not update their databases as quickly as the local MLS does.
2. When a house you like hits the market, go see it that day.
Don't hesitate. If you wait until the weekend, it may already be under contract. If it's a great deal, you can bet it will get snapped up right away.
3. Turn yourself into a "cash buyer" in the eyes of the seller.
You need to have your financing in order. Speak to your financial professional and get your financing approved (full approval) prior to searching so you can move quickly. Pre-approval is better than nothing, but full approval is what you need. In a multiple-offer situation, the buyer with full financing will trump any unqualified buyer offering the same price. In some cases, a qualified buyer will be able to get the home for less than a pre-approved or unqualified buyer offering a simultaneous offer.
4. Be prepared to make an offer immediately.
Have a list of your "must have" features as well as a list of those you would like to have. Compare the house under consideration to your list to help you make a careful, non-emotional decision. It is not uncommon for an agent working in this seller's market, to get an offer sight-unseen on a solid property in a good location.
5. If you are considering making a blind offer, realize the due diligence period will help protect you.
The due diligence period is usually 10 days, during which time you can go see the property and back out of the offer without a financial commitment or expenditure. The due diligence clause is handled during the inspections. If the house has problems you can either walk after the inspection, or take that opportunity to renegotiate -- even after the initial blind offer has been made.
6. Respond quickly to a seller's counter offer.
If you take too long -- by "sleeping on it" or "giving it" a couple days -- the seller may get another offer that doesn't require a counter. The house may be sold to someone else while you are considering your options.
7. Make sure your real estate agent is responsive.
You need a good, detail oriented real estate agent. For instance, even if you make an offer, it's the real estate agent's job to get your signature and the signature of the seller right away. Without those signatures, the offer is not binding. If you have a lazy or disorganized agent, you can lose the house you want at the price you want to pay.
If you are looking for a buyers agent to help you get the house you want in the current market, call me
. I help you go from wanting a house to owning the perfect house.