Buying A Home In A Sellers Market
A recent report from Realtor.com lists Columbus, Ohio as one of the top 10 hottest markets in the nation, which means that serious buyers in this area must act quickly to get the home they want. According to the reports, a Columbus home averages just 46 days on the market as of April 2016, 8% down from the previous year. As the market continues to blossom and demand grows, buyers must be smart and prepared in order to get the right home at the right price.
Consider these tips for buying your dream home in a competitive market:
Get Pre-Approved: While a pre-qualification provides a good estimate of how much house you can afford, it doesn't necessarily carry the same weight as a mortgage pre-approval. An approved applicant often has an edge in a sellers market because their credit and income have been verified by a lender. Being pre-approved also lets the seller know that you are serious about your offer and have taken the extra steps toward purchasing your dream home. Be sure to prepare these important documents now to help ease the approval process.
Know Your Needs Vs. Wants: It's not uncommon for buyers to compromise on certain features like location or amenities, especially in a sellers market. Before beginning your search for the perfect home, determine what items are a must-have and what you are willing to do without. Knowing this going in will help you avoid wasting time if a quick decision must be made on a home.
Be Flexible: Many sellers are receiving multiple offers these days, so be willing to match or go above asking price. Remember, there is very little room for negotiating in a sellers market, so playing hardball with a super-low offer is likely a waste of time. If possible, consider other ways to sweeten the deal for the sellers, such as a flexible closing. Getting your dream home may require going the extra mile to make your offer stand out.
Whether you're a first-time home buyer, building a new home, or looking to refinance, Telhio has the home loan that fits your needs. Ask about our quick pre-approvals and no PMI options. Apply online or contact a representative today!
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