Buying a home in a seller’s market6/12/2019
It seems the real estate market is changing daily. In the greater Philadelphia area, we’re veering toward a seller's market. Home buyers need to apply different techniques and trust their real estate agents who are paying careful attention to current market conditions.
Here are some tips for home buyers in this seller-oriented climate:
- Time: Inventory will move quickly in a seller’s market. It’s important to know what you want in your home, have those 3-5 “must-haves secure,” and be prepared to make an offer without too much hesitation.
- Price: It’s unlikely you will be able to make an offer too far below asking price. If you are in love with a home, get in the mindset that you may have to make an offer above asking price.
- Showings: If you love a home you see online, be early to attend the first showing. Don’t delay or your dream home could be gone in 24 hours.
- Preparation: In a seller’s market, listing agents are incredibly busy. If you have all your ducks in a row – mortgage pre-approval letter ready; a good offer on the table; not asking for a number of contingencies in order to buy – the seller’s agent is more likely to take your offer seriously and consider your offer over another. This is also when the relationship-building prowess of your agent comes into play. Your agent’s ability to communicate effectively with the seller’s agent could make a huge difference.
The Media, PA real estate market is competitive right now. Average home prices have increased and are selling at a quicker pace than last year. Your real estate agent will guide you through this seller-leaning market and help you find your dream home.