What Is a Seller’s Market?
Supply and demand…when more people are looking to buy than there are houses, it creates a seller’s market. The struggle for homes is severe and sellers will have the upper hand when it comes to negotiating. They will likely receive multiple offers above the asking price.
Tips for Buyers in a Seller’s Market
Flex to the seller
Be flexible on inclusions, exclusions and even the closing date. The more you accept the seller's wishes the more likely your offer will be accepted amongst all the offers you will surely be competing against.
Know your finances
When that perfect home comes into your sight, you will want to act fast. In a seller’s market, homes can be gone in a matter of hours. That means you need to know what you are approved for when it comes to a loan. That is, what’s the max price you can offer based on your cash in hand and the loan for which your mortgage specialist approved you.
Ignore the listing price