Buying a house can be more challenging in a seller's market. It may feel as if you keep hitting roadblocks and dead ends and only the sellers are in control. In this market, there are more potential buyers, able and willing to make a purchase, than there are Mansfield homes for sale. The low inventory means that the existing homes are priced higher, but still sell relatively quickly.
This does not mean that you can't buy a home in Mansfield, Ohio for a good price even--it just means you may need a little help and advice from real estate insiders. Here are three ways to buy your dream home even in today's market.
Be Prepared to Make an Offer
In a seller's market, time is of the essence. Typically, multiple offers happen regularly because the market is defined by low inventory and many home buyers. Therefore, a beautiful home that is well priced attracts multiple offers and yours needs to be the most appealing. Consider the following:
Price: As one of the primary factors in a seller's market, your price offer should never be below the list price. Be prepared to quote a higher amount than what the seller is asking.
Pre-qualification: Getting pre-qualified before making an offer for a home shows the buyer that you mean business. This gives you a slight edge and negotiating power over other buyers because it shows the seller that your offer is not likely to hit financial drawbacks at a later stage.
Mortgage Pre-Approval: If making an all-cash offer is not an option for you, getting a mortgage pre-approval is the next best thing because your lender is able to verify the amount that you can comfortably afford to pay.
Paperwork: Having all the financing paperwork ready (such as a lender approval letter) is advantageous because it shows you are fully prepared to back your offer.
Earnest Money Deposit: A large earnest money deposit is always attractive to a seller. You should consider doubling or tripling it since you will eventually pay it at closing.
Flexibility: Be flexible with your terms especially when it comes to buyer possession. Allowing the seller to move out at their leisure or allowing them to rent the home as they prepare to move is an attractive feature.
The Bottom Line
With a proper approach and a Haring Realty real estate agent by your side, it is possible to find your ideal home in a seller's market at an ideal price. Our REALTORS® will be with you every step of the way to ensure that you overcome the challenges buyers face in this market. Contact us today to schedule an appointment or talk to one of our qualified realtors.