Seller’s market, also known as hot market or rising market, is where there are many buyers competing for a low list of available homes in Seattle real estate. In this kind of market, sellers usually receive multiple offers and homes often sell for more than the listed price. However, price isn’t the only factor considered by sellers. To win the competition, there are a few things you can do.
Submitting a letter from your lender stating that you have been pre-approved can make a big difference. Submit this letter along with your well-written purchase offer and the seller will most likely consider it as it tells how serious you really are about buying that home.
One of the qualities of a good real estate agent is assertive. Hiring such an agent, who relentlessly explores the marketplace, is likely to get you in the lead and can really help you win in the home-buying competition.
Here’s another tip: make a friendly purchase offer and do not include demands, which may anger or irritate the seller. If it is normal for buyers to pay for their own title insurance, then don’t make any requests to the seller about paying for such costs. If the majority of buyers demand to move on the closing day, then be generous and show that you’re not like the others and give the seller about two or three days to leave.
In a seller’s market, the seller usually receives a lot of offers that are even higher than the list price so if you really want to purchase the home, think about the best price you can pay and offer that to the seller. Always think that you may only get one shot to impress; do not offer a low price, hoping that you’ll be given a counter offer. Remember, low offers are usually rejected immediately.
It’s also advisable to pay a big down payment, as this shows that you’re serious about purchasing the property and you’re ready to commit. Try putting down about 3% earnest money deposit. If you only offer to pay a small amount of deposit, the seller might feel that you don’t have anything at risk and that you could back out from the deal.
You should offer to close the deal quickly, as most sellers like to close within one month or less. If you can give a closing time frame of 21 days, then do it; a shorter period of time may possibly be more vital to the seller than a higher-priced purchase offer and will most likely make you win in the competition.
Buying Seattle homes for sale in a seller’s market can be quite difficult, considering all the competitors you may have, but with all the right decisions, you’re on your way to purchasing the perfect home for you.