You don’t have to keep up with market trends to know it’s a seller’s market. If you live in a neighborhood (or have been in one recently) it is likely you’ve seen “For Sale” signs popping up in yards all over, quickly followed by “Sold” signs.
Now is a great time to sell if you have been thinking about it. We have more potential buyers than homes on the market, we would love to help you list and sell your home for top dollar. Once sold, you will be joining those looking to buy. So, how do you navigate buying a home in a seller’s market? Here are some tips:
- Price The list price of homes is on the rise. The average in Williamson Countyis over $300,000 and Travis County is over $700,000. Finding a home in your price range may take a little more effort and diligence than it did a few years ago. As home values increase it becomes ever more important to know the key features you are looking for, this helps to narrow down homes that fit your budget and housing needs.
- Inventory Even in the best of times it can be hard to find the house you are looking for but in the current market it is even more difficult. This is why having an experienced and knowledgeable agent is so important. As a Realtor® we have access to the newest listings and know of houses coming onto the market before they list.
- Bidding Wars With a low inventory and high demand, bidding wars are bound to happen. Keep these pointers in mind if you find yourself in the midst of one: Stay calm- high emotion doesn’t help, Cash- paying cash removes the risk of financing falling through and sellers like it, Shorten the timeline- some of the timing is out of your control but where you have control shortening it tells the seller you’re serious.
- All-Cash Buyers As stated above, cash talks. If you need to obtain financing (the majority of buyers do) start that process before you begin looking. Get a preapproval letter. This is helpful all the way around, it lets you know how much house you can afford, it gives your realtor the information they need to begin searching for a home for you and it gives the seller confidence in accepting your offer.
- Overly Confident Sellers It is a seller’s market and as such some sellers think that their home will sell itself no matter what. Some sellers present their home in a less than flattering manner- piles of laundry, messy, cluttered rooms and repairs needing to be done. While their home may sell, it is unlikely they will get top dollar. If you can see past these challenges you just might score a deal.
This is not a comprehensive list of but it does present some of the challenges that can come into play. Even though there are hurdles to overcome you can find the right home at a reasonable price. The best way to see that happen is to hire a Realtor®. The right professional in your corner, whether you are buying or selling makes all the difference.