Buying in a Seller’s Market: 6 Tips to Make It Happen

You want every advantage that you can get when you’re buying a house. And that can get tricky in a seller’s market, when inventory is low and there’s a lot of competition for the homes that are available. So how do you make sure that you get the best house and the best deal when you’re buying in a seller’s market? It comes down to a bit of savvy real estate know-how—including having a smart strategy for positioning yourself ahead of other buyers.

Seller’s Market vs. Buyer’s Market

The first thing to know when you’re interested in buying in a seller’s market is the exact market conditions that you’re walking into. In a seller’s market, there are more buyers looking for homes than there are homes for sale. This means that there’s a lot more competition for each property, and that seller’s have more leeway when it comes to asking price and negotiables.

Alternately, a buyer’s market is when there are more homes for sale than there are buyers. Under these conditions, buyers have more leverage, and sellers often have to make concessions in order to garner interest, such as lowering the asking price or throwing in a few extra perks.

The real estate market cycles through these two stages throughout the year, meaning the outlook for a buyer can be a lot different from one season to the next. If it’s a seller’s market though and you don’t have the ability to wait it out, you’re not out of luck.

6 Tips for Buying in a Seller’s Market

Buying in a seller’s market doesn’t mean that you’re going to have to overpay for a home, just as selling in a buyer’s market doesn’t mean you won’t get a good deal on your property. But if you’re buying when demand is high, you’ll have to edge out the competition if you want to score a desirable home. You also might have to work some flexibility into your strategy in terms of closing requests and negotiations.

With that in mind, follow these six tips to put yourself in the best position possible during your home search.

Get your financing in place before you start

Be ready to act fast

Go into it knowing exactly what you want (and don’t want)

Don’t over complicate your offer

Sweeten the deal

Make it personal

Ready, Set, Buy

Buying a home in a seller’s market doesn’t have to be a super stressful experience. Follow the tips above to put yourself in the most ideal position possible and help increase your chances of getting exactly what you want. Your real estate agent will be able to walk you through each step, and will be an important resource to rely upon. And when you find your perfect house, you’ll know that you’ve done everything you can to get the edge on the competition.