Navigating a Seller’s Market When Trying to Buy a Home

Selling your Louisiana Home? Click here for a free home value report
Buying a Louisiana Home? Click here to search homes for sale

There are a lot of multiple offer situations in our market right now, and buyers are getting discouraged because their offers are getting rejected. Today Scott, our buyer specialist extraordinaire, joins us to share some tips for buyers in this seller’s market.

Before you start looking at houses, sit down with your agent for a buyer’s consultation. We’ll go over what you should expect during your home search. You will also discuss your interests in particular homes.

Inventory now is low, so you can’t play games any more. You can’t try to get $5,000 off the list price of a home because someone else out there is going to offer the full list price. In this competitive market, if you don’t come in with a strong offer, sellers will ignore it. You may be able to negotiate with the seller on terms, but you have to go in strong on price in order to get the seller’s attention. 

You should also build a good rapport with your agent. Your agent will connect you with listing agents, and listing agents will tell the seller whether or not to work with you. Working with an agent who has strong relationships with other agents in the local market gives you a great advantage.

When you do submit your offer, there are a couple of other things you can do. For example, send the deposit check with the offer. Sending the check shows that you are ready to go ahead with the home purchase. You should also submit your pre-approval letter. It’s important to get pre-approved before you even look at homes because sellers are not going to waste their time working with an unqualified buyer in this market.

If you really fall in love with a house, you can write a letter to the seller explaining how excited you and your family are to live there. Remember, for the seller, it’s not just a house - it’s their home. Expressing how you feel about the property in your own words to the seller is a great way to stand out from the other buyers.

Finally, keep in mind that you can always call the listing agent and ask what it will take to get the deal done. It doesn’t hurt to ask, and the answer can save a lot of time during the transaction. Time is money, so make sure you get those things addressed if you are in the market to buy a home.

If you have any questions about buying a home in this competitive market, give us a call or send us an email. We look forward to hearing from you!