Finding it difficult to find the perfect home with the current real estate inventory? Let us show you 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!

πŸ€” What is 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.Β 

searching for homes in a seller's market

πŸ’΅ Get Mortgage Loan Pre-Approval

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.

Getting pre-approved requires a hard inquiry on your credit report and is good for a period of time. The good news is that if you haven’t found a home by the time the pre-approval expires, it’s easy to get the approval renewed.

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.

mortgage loan pre-approval

πŸ“± Contact The Wilson Group

We can help!
We strive to make our client’s real estate transaction an overall great experience. Our business model is deeply founded in the fact that it is all about the experience! Give us a call at πŸ“± 804-396-4625.

πŸ“© Search & Save Homes for Sale

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.

Once you create a search that matches your home wish list, you can save the search and come back to it time and again to see new homes. The best part? We will send you new homes as soon as they hit the Richmond real estate market! You will get notified via email. This quick notification gives you an advantage in a seller’s market.
search and save homes for sale

😎 Be Patient with Offers

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.

Be patient with your offer if there are other offers on the table with yours, but stay at the top of the game by supplying the seller with your mortgage loan pre-approval paperwork. Trust us when it comes to negotiations. We have years of experience negotiating offers with sellers.

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.

How to Buy a House in a Seller's Market
Article Name
How to Buy a House in a Seller's Market
Finding it difficult to find the perfect home with the current real estate inventory? Let us show you how to buy a house in a seller's market.
Publisher Name
The Wilson Group
Publisher Logo
View All Real Estate Advice Posts

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.