Anyone who has tried to buy a home lately knows that it can be very challenging. Historically low mortgage rates have brought homebuyers out in force. At the same time, there is a limited inventory of homes for sale. Resale listings are at their lowest level in many years and homebuilders are just now starting to replenish their supply of new construction, according to figures from the National Association of Home Builders.
All of those factors have led to a seller’s market. Homebuyers are competing with each other for the relatively few listings on the market, leading to multiple offers in many cases – sometimes as many as a dozen or more – and sale prices climbing above the asking price.
Trying to buy a home in a seller’s market can be frustrating and you may not be able to land the first home you want to buy. Still, there are ways to increase your chances of success. Here are some tips that may turn the odds in your favor:
Work With an Experienced, Knowledgeable Realtor® In a hot seller’s market, the selling process tends to move much faster than normal. As a buyer, you often have to move quickly as well, while still making prudent decisions about the home purchase. An experienced, knowledgeable real estate professional will know the neighborhood, the pluses and minuses of the home, what the sellers are looking for in an offer and how to improve your chances to come out on top in a competitive market.