The housing market in Southwest Idaho is moving very fast. Many
homes are placed on the market and soon thereafter are pending sale. We have seen homes sell in the first 48 hours of their listing. If you are a home buyer in this seller’s market and you have not prepared properly you may find yourself missing out on the perfect home.
We have compiled a list of items you can do to be ready to pounce when the right opportunity comes along. You will be prepared to win your chosen home with these simple tips for a Seller’s Market.
Get a Loan Pre-approval:
Talk to a mortgage loan officer and provide them with the required information to be preapproved for a mortgage. Completing this step will provide you with the knowledge of how much you can spend, and provide you the confidence to make an offer once you find the right home.
Have it in Writing:
Be prepared to provide a written loan approval letter along with your offer. Another item that may be important to provide is written proof of funds from your bank showing that you have the funds to cover the down payment and closing costs.
Make a List:
Sit down as a family and list all of the things you want and do not want in your new home. Take your list and set a priority for every item on the list from the must haves to the it is only a preference. It is very important that you have agreed on what items are your highest priority items before you begin looking.
Meet With Your REALTOR®:
Provide your REALTOR® with the contact information for your mortgage loan officer, the loan pre approval letter, and your list of must haves. Discuss your list and desires together so that everyone is clear on what you need and want in a home.
Use Available Tools:
Your home search will be more productive and successful if you plan to spend time on a home search website looking at available houses. Websites and apps can help you to narrow down your search and make decisions on what you want to go see.
Plan Time to Look at Houses:
Remember that homes are selling sometimes the same day that they are listed, you need to be ready to move quickly. When you go to look at houses be ready to write an offer when you see the right house.
Home sellers want advanced notice of a showing so provide enough notice to your REALTOR® so that he/she can schedule a showing that will work for everyone, (usually no less than 2 hours.)
We often show homes in the evening after you are off work, on the weekends, basically anytime that you have available, we will work within your schedule.
Plan for Multiple Offers:
In this Seller’s Market many home sellers are receiving offers from multiple buyers. Be prepared to write an offer that will be competitive if there are multiple offers. Your REALTOR® can provide guidance on how to make your offer as competitive as possible. Your offer will include the amount you are offering to pay for the home, any conditions of that offer, your pre-approval letter, proof of funds, and in some cases a personal letter to the seller explaining why you want to purchase their home.
Preparation, planning, and a clear understanding of what you are looking for in a home will allow you to be ready to make an offer immediately when you see the right home. When you have worked closely with your lender and your REALTOR® and you have provided all of your information upfront, they will be able to move quickly on your behalf. Doing this will provide you the best chance of securing a contract for the home that is right for you and your family.
Follow these steps and your home buying experience will be great even in a seller’s market!