Buyer Cheat Sheet for a Seller’s Market

As a buyer in a seller’s market, you need to be willing and able to act fast to snag the home you want. This spring, buyers are facing a limited number of homes for sale.

Here’s a Buyer Cheat Sheet to help you:

1.Know what you want. Create a list of needs and must-haves. Pare it down until you have a concise list and adjust as you look through open-houses. Make sure you have realistic expectations and it aligns with the real estate market.

2. Love the paperwork. Get your mortgage pre-approval letter as well as a “proof of funds”  from your bank to show you have enough to cover a down payment. You can show that you can act quicker compared to unprepared buyers.

3. Be mindful of contingencies. You may need to drop some of the contingencies to win the house. Sellers prefer the fewest number of hurdles to closing as possible. You have to balance protecting yourself in the transaction as well as having a strong offer.  Don’t waste your time lowballing a seller: put your best offer if you find the home you love.

4. Wider net. Search for homes outside prime locations if you’re facing limited choices or homes outside your budget. Carefully think about what you’re willing to compromise on. There may be flaws on a home that are scaring other buyers – these can be opportunities to win a home.

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