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You may have heard the buzz about it being a seller's market right now. As a buyer how can you be prepared to deal with a seller who has the leverage?
1. Get A Mortgage Pre-approval. I have seen many buyer's lose out on properties because they hadn't yet been pre-approved and weren't ready to actually put in an offer. In the meantime 20 other people put in an offer and they lose out. Sellers aren't waiting around for buyers to get their shiz together.:)
2. Work With A Smart Realtor. I would like to say this one should be common sense to people, but unfortunately sometimes it's not. Just like there are differences in hair dressers, doctors, dentists, Walmart cashiers, etc. there are differences in Realtors. Make sure your Realtor is willing to work their butt off for you and also knows their stuff.
3.Do Your Research Ahead Of Time. In a seller's market you can't wait until you are actually out viewing homes to do you homework. It needs to be done ahead of time. If you have a good agent they can help you with this.
4. Separate Your Needs From Your Wants. When looking for a home in a seller's market you can't be wishy washy. Know what you want and what you actually need. Stick to what you need. Remember the wants are just bonuses.
5. Be Flexible On Timing. In a seller's market it is common for the seller to get multiple offers. Be patient with them as they review all those offers. They are needing to do what's best for them too. So put yourself in their shoes for a sec.
6. Highest And Best. Don't waste time flip flopping back and forth on price. You will most likely lose out if you aren't willing to put in your highest and best offer up front. I know everyone wants a deal, but in a seller's market the seller has the upper hand and will most likely choose the highest offer.
As a buyer maybe a seller's market is intimidating to you, but don't let it be. If you educate yourself you can still stay within your budget and get the house of your dreams. If you have thought about selling and haven't yet, now would definitely be the time!
Brittany Manning is a REALTOR® at Boise Premier Real Estate in Meridian, ID. Brittany was raised on a potato farm in Burley, ID and graduated from Idaho State University in 2003. Since becoming an....