Tips for Buying in a Seller’s Market
Everybody knows the real estate market in Bozeman and Livingston is hot! We’ve all heard stories about homes being sold in 48 hours, multiple offers, cash offers, sight-unseen offers; the list goes on and on and unfortunately (for buyers) the stories are true. Buying a home in today’s market seems impossible, but we’re here to tell you it can be done!
Prepare Your Finances
Read our previous post on Finding a Mortgage Lender and speak with your lender before viewing homes. Determine what you can afford (or what you’re willing to pay) so you can be prepared to make an offer as soon as you find the right property. It’s often said that “cash is king” in a seller’s market, but you can still have a winning offer if you are prepared with a local trusted lender.
Lean On Your Real Estate Agent
You can do a lot of armchair research to see what homes are selling for, but in today’s fast-paced market there’s a good chance a home already has 5 showings and 3 offers by the time you see the property pop up on a website. Having a real estate agent be your eyes and ears will help you be one of the first buyers to know about a new listing.
Know Your Must-Haves
Identify what the home must have, or can’t have, and be willing to compromise on the rest. When a home checks all your boxes like location, 4 bedrooms, and a fenced yard, don’t let the dated bathroom keep you from making an offer. Waiting for the “perfect” home may have you waiting so long that you’re priced out of the market.
Act Fast, But Be Patient
When making a big decision, Mom always told us to sleep on it. Unfortunately, you may not have that luxury In this fast-paced market. Following the tips above will help you prepare yourself for quick decision making. But don’t despair. If you miss out on one property another one is going to come along.
Trust in your ERA Landmark Real Estate professional to help guide you through the tough process and you’ll eventually secure the home you’ve been dreaming of.