🏡 How to Buy a House in a Seller’s Market

The real estate market in Richmond is thriving and remains a hot spot when it comes to the demand for new homes. Residents are actively seeking homes that allow them to downsize, add rooms to grow, or move from renting to owning a home. Supply can be an issue, but we are here to help you with tips on how to buy a home in a seller’s market!

A seller’s market occurs when the number of properties available doesn’t meet the demand of those looking to buy homes. In most instances, this situation means that sellers are able to increase the asking price on homes for sale, and competition is fierce among potential buyers. 

Our first tip for buying in a seller’s market is to get pre-approved for a home mortgage loan. Keep in mind that being pre-qualified is not the same as being pre-approved. When you are pre-qualified there is a chance you’ll be approved for a loan. When you go through the pre-approval process, you supply paperwork that allows the loan company or bank to give you a solid answer you can present to sellers.

Having a pre-approval letter gives you an advantage over potential buyers without that backing. It shows a seller that you are serious about purchasing a home and are able to follow through with the sale should they choose your offer.

You have the power of finding homes at your fingertips with our easy and free search and save feature. All you have to do is put in the criteria you find most important in a home, and we do the rest! You can search by the number of bedrooms, price range, or a combination of your unique needs.

Buying a home can be an emotional process. In fact, you may find that you fall in love with a property that checks all the boxes on your wish list. If this happens, it’s essential that you remain calm and let your real estate agent handle the next steps. Showing strong emotion during the open house or showing can give the seller a bit of added leverage when it comes to negotiations.

In the end, only you can decide if you are willing to increase your offer amount in the middle of strong competition for the property. Try to stay objective and make your decision from a place of logic rather than emotion. Before you know it, you’ll be celebrating on closing day and moving into your new home.