Buying a Home in a Sellers Market

Home Buying Guide

As many of you know we did not have a fall slow down in Plainfield and surrounding area, in fact we saw many buyers rushing to purchase in November, December and January in hopes of beating the rate hike and rush of buyers for Spring market. A normal year we get a small break between fall and spring making it key time for us to jet away for a short vacation or revamp some of our marketing ideas and meet with our preferred partners, this year is different.

If you have been searching for a home you now know, not a lot is for sale and when something does pop up it goes very quickly. This is making it a great time for sellers to sell and quickly. Buying a home can be stressful in the most favorable markets but when your faced with buying a home in a sellers market it can be daunting.

If your thinking of buying start here:

  1. Be prepared and ready to go! Your first step before looking at homes is Talking to a lender.You need to get Pre-Approved first. There is a difference between be Pre Qualified and Pre Approved. Pre Qualified means you have spoken to a lender and they think they can get you approved based off what you have said to them.  Pre Approved means you have provided the documentation to back up what you have told the lender and they have ran your credit.  This is crucial because it means you are a stronger buyer when going up against multiple offers. This is a great time to go over what you can afford and what your monthly payments would be at different price points.

  2.  Find a Realtor- In a fast paced market, a good Realtor can make or break the deal for you. If a home pops up in the Morning and you cant reach your agent until 3 you could have potentially missed out on the house. Make sure to let your agent understand your time frame, exactly what your looking for in a home and the price your willing to go up to. You need a Realtor who is responsive and ready to go whenever you are.

  3. Make your best offer first- Dont expect the seller to counter your offer if they have received 2,3 or 4 offers in the first day (which is what is happening a lot right now) you will not get another shot to make an offer. Go in with