Is Buying in a Seller’s Market Worth It?

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You may not be aware of this, but we are in a seller’s market right now in Rochester. This means there are more buyers out there looking for homes than there are homes, so we wanted to give you some tips today if you are thinking of buying in this market. It can be easy to buy in a seller’s market when you follow these five tips:

1. You have to be prepared
The main aspect of being prepared is making sure you are pre-qualified. You should speak to a mortgage lender, have them run your credit and debt, and they will issue you a pre-qualification letter saying you are approved to spend a particular amount on a home. This is huge because if you don’t have it, you will slow down the process and miss out on the home.

2. Be very clear on your criteria
You need to know exactly what you’re looking for because homes priced well and in good condition are selling almost as soon as they appear. You need to be able to recognize a good home when you see it, and act fast.

3. Be open to broadening your criteria
You’ve got to be open to looking outside your ideal price, geographical area, and even square footage to make sure you’re working with the largest pool of potential homes possible.

4. Be responsive
Since we are in a seller’s market, the sellers are dictating the terms. When a home goes on the market for sale and you don’t act quickly, it will go away. Waiting a few days, or even a few hours, can sometimes prove disastrous. Just this last weekend, I sold two homes on their first day on the market.

5. Work with a real estate agent
If you’re working without an agent, it makes it impossible to move fast enough. If you are working with a professional, you are with somebody who is responsive and can reach you to find homes that enter the market.

If you have any questions for us, feel free to give us a call or send us an email. We look forward to speaking soon!