A Buyer in a Seller’s Market

It already appears that the residential real estate market in Northumberland County is turning into a repeat of last year’s market. If you are a seller, then this is good news. If you are a buyer, then it may be more difficult to find the right house at the price you want. Here are some helpful tips for you Buyers who are finding the current Seller’s market challenging. First, what you should expect:

  • Homes won’t last that long before they’re sold
  • Be prepared to be in multiple offers

Here are some suggestions on how to be more prepared in a Seller’s market:

  • Know what to expect when it comes to homes in your price point – the more homes you view the more you’ll know
  • Make sure you have a complete pre-approval, meaning your credit bureau, income and downpayment source(s) have been reviewed by your Mortgage Broker or bank
  • Be on top of the new listings – don’t waste any time seeing them
  • Have your Realtor set up an automated search – which will give you a 24 hour head start
  • Bring along a second or third set of eyes for each viewing
  • Be ready to make an offer quickly
  • Do not be afraid to compete
  • Know a realistic value for your home if you haven’t sold
  • Have your house completely ready for a quick listing process
  • If you find yourself in a multiple offer situation my advice is to make your offer strong enough that there are no regrets either way; whether your offer wasn’t the one accepted or if your offer is the one accepted.