Tips For Buyers In A Seller’s Market

The real estate market in Central Indiana has settled firmly into seller’s market territory.
 

The newest report from the Metropolitan Indianapolis Board of REALTORS notes the increased activity on the housing market is creating somewhat of a frenzy, with “buyers eager for available properties compet(ing) like they haven’t in years.”

For sellers, this is a great thing.

But for buyers, it might take a bit more effort than in the previous few years to land the home you’re longing for. Here are a few tips to help buyers compete in this seller’s market:

1. Know What You’re Looking For. Determine your needs and your wants in a potential home, all before you’ve even started looking. This way, the moment new homes come on the market, you (and your agent) will know which ones are up for consideration and which ones aren’t worth pursuing, all based on your predetermined parameters.
2. Get Financing Squared Away. Plain and simple: Unless you plan to pay with cash, get preapproved for a loan. Otherwise, you’ll get left in the dust by buyers who have proof that they have the means to purchase the home in question, all while you’re still working to get finances squared away. Money talks; give sellers your word with a loan preapproval.
3. Prepare Yourself For A Bidding War. Be prepared to be outbid by other buyers competing for the same home. You can combat this issue by shopping for homes below your price range; in the case that a bidding war ensues, you’ll be able to up your offer and still stay within your budget. Note that if you’re only shopping for homes at the top of your price range, you’ll need to mentally prepare yourself for disappointment if you can’t keep up with higher offers from competing buyers.
4. Be Prepared To Make Decisions Quickly. In this market, homes change hands in short order. If you’re serious about a particular property, be ready to make decisions regarding purchase quickly. Tarry, and the home will likely get picked up by someone else in no time.

If you or someone you know is planning to buy or put their home on the market, contact me today, so I can get you started on this process.  Homes are moving fast and it's a great time to be a seller.