How to Buy a Home in a Seller’s Market


A seller’s market is a situation where many prospective customers buy houses but with fewer houses leading to high demand. When in such a situation, homes are often sold quickly and at a higher price than usual. If you find yourself buying in a seller’s market, you will encounter increased competition and higher prices, and you are expected to make quick decisions. Since the right time to buy a home is when you are ready, you need tips to make the home buying process during a seller’s market quicker, easier and secure the right home for you.   

Expand Your Search 

In most cases, house buying costs are always high in hotcake places; you can go away from the desirable neighborhoods. Moving away from those neighborhoods will grant you an opportunity to get better amenities and square footage for a lesser amount.   

Customize Your Offer to the Seller

When purchasing a home, it is not all about the price. Therefore, tailoring your proposal to meet the holistic demands of the auctioneer is the ideal strategy you can use to get your proposal accepted.   

Waive the Contract Contingency

Generally, buyers have a loan contingency in the agreement to back out if their house loan is not approved. This contingency protects the buyers but increases uncertainty for the seller. This means that, in a sellers’ market, you might not win the house you want to buy if you have a mortgage contingency. So removing contingency from the contract will strengthen your offer even if it is not the highest one.   

Make a Cash Offer

Sellers prefer being paid in cash as the offers close faster and reduce the risks of the mortgage funds failing. Cash offers will give more negotiating power hence saving more on transactions.   

Conclusion 

A seller’s market can put a lot of pressure on buyers to purchase the home quickly without even being sure of which is the right. While you can’t let the opportunity go without attempting, ensure you do thorough research and think before making the decision. If you are stuck in making the right decision, Arizona home buying programs will help you make your strong offer stand out and get accepted. Give us a call to learn more about our Spire Key Approval! 

A Lending Hand for Financing Home Mortgages

Spire Financial (A Division of AmeriFirst Financial Inc.) brings lending expertise to you. All of our loan officers offer personalized communication for every client, guiding them through the process. We can show you ways to maximize your finances and unlock future opportunities. Spire Financial keeps you in control of refinancing, debt consolidation, and home equity. Together, we can achieve your financial goals.

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Disclaimer


V.I.P. Mortgage, Inc. DBA Spire Financial does Business in Accordance with Federal Fair Lending Laws. NMLS ID 145502. For state specific licensing, visit www.vipmtginc.com/national-licenses/. V.I.P. Mortgage, Inc. is not acting on behalf of or at the direction of the FHA/HUD or the Federal Government. This product or service has not been approved or endorsed by any governmental agency, and this offer is not being made by any agency of the government. V.I.P. Mortgage, Inc. is approved to participate in FHA programs but the products and services performed by V.I.P. Mortgage, Inc. are not coming directly from HUD or FHA. Information, rates, and programs are subject to change without notice. All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts. Other restrictions may apply. This is not an offer to enter into an agreement. Not all customers will qualify.

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