What Buyers Can Do to Compete in a Seller’s Market
While you may be ready to commit and put in an offer on your dream home, the current real estate market has caused some major competition. Unlike a buyer’s market, a seller’s market means there are more buyers than houses for sale.
So what can you do to compete in a seller’s market? Consider these tips to help you push your offer to the top of the list.
Be financially ready
Make sure you’re financially prepared. Consider getting prequalified before shopping for a home. Prequalification makes you a strong buyer, gives you a greater ability to negotiate and puts you on the fast track to closing. Additionally, a pre-approval letter stating you can afford the amount you are offering, along with a sound down payment, earnest money deposit and secured financing all show the seller you’re a serious buyer.
Focus on priorities
Be prepared to compromise somewhat, to minimize potential friction that can slow down a sale. It’s important not to dwell on the small things like paint color, flooring, cabinets and fixtures, all of which can be easily changed. It’s best to focus on things that you can't readily change about the home, like the floorplan, size and neighborhood.
Be mindful of the seller
Keep the seller’s preferences in mind. In a written offer, avoid asking for items, fixtures and appliances originally not included in the sale. Also, consider offering to pay fees to rush the appraisal or extend the option of a leaseback agreement to give the sellers time to move without the rush. These offers could give some peace of mind and establish trust with the sale.
Have a dedicated and reliable agent
Don’t go home shopping in a competitive market alone. A real estate agent can be one of your most critical resources, from the early days of your search process through to signing day. You can trust RBFCU’s preferred real estate partner, Kuper Sotheby’s International Realty, and their dedicated agents to represent you as a buyer and help you in the negotiation process.
Buying a home is a big financial commitment, so it's important to put together the right team of professionals to help you successfully purchase a home in a seller's market.
Fortunately, RBFCU has all the services and resources you need to make your homebuying journey a positive experience. Even better, you can take advantage of programs that can save you money. In partnership with Kuper Sotheby’s International Realty, Domain Mortgage and Preserve Title, RBFCU’s Member Benefit Program is designed to reward up to 10% of your agent’s earned commission back to you at closing.*
*Calculated on up to 3% commission earned by the RBFCU preferred real estate agent, up to a maximum of a $10,000 credit. Homebuyers are eligible to receive up to 10% of the agent’s earned commission, which will be credited on the closing disclosure and applied to closing costs and prepaid items. To be eligible for commission credit, you must be an RBFCU member, use an RBFCU preferred real estate agent (Kuper Sotheby’s International Realty) and at least one preferred provider1 (Domain Mortgage NMLS# 862516, Preserve Title Company or RBFCU Mortgage NMLS# 583215), and notify the RBFCU preferred real estate agent of your interest in the program prior to projected closing date and execution of contract. RBFCU member benefit program is subject to change without notice. RBFCU mortgage loans are available only on property in Texas. All loans are subject to credit approval. Kuper Realty Holding Company, LLC dba Kuper Sotheby’s International Realty, RB Mortgage LLC dba Domain Mortgage and Preserve Title Company LLC are subsidiaries of RBFCU Services LLC. RBFCU Services LLC is affiliated with Randolph-Brooks Federal Credit Union (RBFCU).
1Buyer is required to use Domain Mortgage or RBFCU Mortgage to finance the purchase of the property; Seller is required to use Preserve Title Company for the sale of the property in order to be eligible for commission credit.