Tips for buying in a sellers’ market

When demand is high and there aren’t enough properties on the market, the competition can be fierce among buyers. Here are some tips to help you buy your dream home in a sellers’ market.

• Get pre-approved. Applying for a mortgage before you make an offer reassures sellers that you won’t waste their time.

• Be ready to act fast. Know what you want beforehand, and when you find a home that checks all the boxes, don’t hesitate to schedule a showing and make an offer.

• Increase your deposit. Earnest money shows you’re serious about purchasing the home, so a larger installment will look attractive to sellers weighing multiple offers.

• Limit contingencies. Waiving the appraisal or home sale contingencies can be an effective way to win a bidding war, as it means fewer hurdles for the seller to overcome.

• Offer to delay possession. Sellers may be more inclined to accept an offer that lets them move out at their leisure. Consider proposing a rent-back agreement, which allows sellers to become tenants in their former home for a limited time after closing.

• Add a personal touch. Include a letter with your offer explaining why the home is a perfect fit for your family. This can create an emotional connection with the seller.

Finally, remember that working with a local real estate agent is one of the best ways to ensure the process goes smoothly, especially if you’re buying in a sellers’ market.