Buying A Home In A Seller's Market

If you've been on a home buying journey anytime in the past few years, you know it has been a BEAR!  

We typically see a major increase in the number of homes for sale starting in the Spring and Summer months. But if you're a market watcher, you'll know that things haven't been "normal" since before the pandemic.  Home buyers have been parched with little-to-no homes to choose from.

And with Millenials, the largest generation since baby boomers, now entering peak home buying age - I think buyers will out amass sellers for years to come - keeping the seller's market strong.  But knowledge is key to home you so desire. So here are my 5 best tips to buying a home in a seller's market.

5 tips to buying a home in a Super Seller's Market

1. Get Pre-Approved, like yesterday!
Getting preapproved for a mortgage is always a must before you go home shopping. But in this super-seller's market, buyers are competing for the limited amount of homes that are available. And the preapproved or cash buyer wins. So doing the legwork ahead of the hunt puts you in the game.

2. Pay more, Negotiate less:
A good home will have multiple offers. If you're one of them, be prepared to offer asking price, or higher. If you have a higher than typical earnest money deposit that's a plus. But keep your contingencies to yourself. Asking to keep some of the drapes or for the seller to pay closing costs will cost you that home.

3. Broaden your search. If the location you really want to move to is too competitive, try searching areas that are a little less popular. You may stumble upon a real gem you never knew existed. To do this, team up with a Realtor (*raises hand*) who knows the area well and can do granular level searches for the home of your dreams within your budget. If you need a realtor outside of the Southern New Jersey area, let me know. I have a nationwide network of amazing agent friends that I'd be happy to refer you to!

4. Be flexible on your must-haves. You'll be hard pressed to find the home that has everything on your checklist. Consider refining your “must-haves”, sacrificing your "nice to haves" and then consider the least expensive home in a stellar neighborhood that fits your budget. You can customize it to your lifestyle and taste over time.

5. Consider New Construction: You’ll feel like you’re walking the red carpet on your journey to the front door to your dream home if you opt for a new build. You essentially get what you want, where you want with access to modern amenities without having to remodel. Some builders require you to have a real estate agent accompany you on the first visit. But a full-service Realtor will prove to be invaluable in helping with everything from finding the right builder, and assisting with price and negotiations to explaining what upgrades are worth the money and walking you through the purchase contract.