Lately, we have been seeing a seller’s market all over the nation. Interest rates have plummeted fueling the demand for housing and there is just not enough supply to meet it. As a result, buyers are submitting bids way above the asking price to secure the home of their dreams.
Getting the property you want in a seller’s market is not easy, especially when you are looking at relatively high-priced real estate like the properties in Citrus Heights. But if you choose the right strategy, you will be able to land the properties you have your eye on without over-spending.
Get Preapproved
It is always best to get preapproved for a loan before home shopping and this is especially the case in a seller’s market. It shows the seller that you are serious about buying and that you have the funds to afford the home. It is a necessary step if you are going against other preapproved buyers.
Prepare to Pay More Than the Asking Price
Instead of getting stuck in a bidding war, you can make yourself the winner by putting in a bid above the asking price from the get-go. Your realtor can advise you on how much you should bid to secure the property.
Since you will probably have to bid above the asking price, it is best to start looking at homes that are slightly below your budget. That way you will not end up putting in an offer on a home you cannot afford.
Make an Offer Letter
A seller may not just be looking at the buyer putting in the highest offer. They may be looking at other factors as well. For example, they may want to sell to a family as opposed to a single person. Or they may be more likely to choose a seller who is willing to help the community.
You may be able to win the bid based on your personal situation, but it is essential to submit an offer letter to make this happen. An offer letter serves to introduce you to the seller, and it explains why you think you are the perfect fit for the home. When writing the letter, you may include details about your connection to the neighborhood and why you think the home is perfect for you.
Summary:
Most importantly, listen to you agent, and follow their advice. For Citrus Heights Real Estate Agent Michael D. Rehm’s advice, call (916) 469-7041.