Buying in a Sellers Market
How to ensure you have the best chance of buying a home in a sellers market.
Buying a Salt Lake City Home in a Sellers Market
If you are buying a home in a Salt Lake City sellers market (a market where there is heavy competition from other buyers), there are some things that you can do in order to make sure you have the best possible chance of winning against other buyers and purchasing the home of your dreams.
- Get prequalified for a loan. When you make an offer for a home one of the first questions out of a sellers mouth is; are you prequalified? If you look at it from the sellers viewpoint, if you received 2 offers for the same amount and one was prequalified, which would you choose?
- Always be on top of new listings coming onto the market. Your Salt Lake City Realtor can set you up so new listings are sent to you via email as soon as they are entered on the MLS. Make sure you review these every day and be prepared to view the property as soon as possible.
- Make sure you know what you want. When new listings come on the market you need to make a quick decision, if you know what features you want in your home then this will make the process easier.
- Don't bid low. Biding below market value may work in a buyers market, but in a sellers market you will want to make sure that your bid is competitive.
- Keep your contingencies to a minimum and it at all possible do not add any at all. For example, try to pay your own closing costs.