Buying in a Seller’s Market: https://www.hauseit.com/buying-in-a-sellers-market/

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https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/

Buying in a seller’s market requires patience in making multiple offers on different properties and discipline in not chasing prices higher. What are some tips for buying a home in a seller’s market?

Don’t Become Emotionally Invested - It’s very easy for buyers to become emotionally invested in a property that they like and have placed an offer on. If the seller negotiates and there is a chance that the buyer might get it, the buyer could easily drop focus on anything else and only concentrate on this one offer. This is a terrible idea as you have no assurance that your offer will ever progress to a signed contract.

Make Multiple Offers – Buyers should make multiple offers on different properties to increase their chances of getting an accepted offer on something. This saves the buyer time vs only bidding on one property at a time. In a seller’s market, this strategy is terrible as your one offer has a very high chance of being beaten by a competing bidder. As a result, keep your options open and make competitive offers on as many listings as you can!

Eliminate Contingencies – Buyers should make their offers as competitive as possible in a seller’s market. They should eliminate unnecessary contingencies to compete against non-contingent and all cash offers. Contingencies that are superfluous or uncustomary for the region should absolutely be eliminated.

Be Flexible on Closing Date – Buyers should offer to be as flexible as possible on an anticipated closing date in a seller’s market. Being flexible could make or break your offer, and may be a tip a seller into choosing your offer over someone else’s. This is especially true if you find out that the seller has a special situation, such as needing to stay past closing before their new home purchase closes. If you’re currently renting, try to get your landlord to agree to extend your lease on a month by month basis so you can have the utmost flexibility!

Put More Down – Buyers can make their offers more attractive by offering to do a higher down payment. This lowers their Debt-to-Income Ratio and will make it less likely that the buyer will get rejected by the board because of specific coop financial requirements. Even if you are buying a condo or a house, a higher down payment is attractive as it’ll make it easier for the bank to approve your loan, and may result in less execution risk.

Go Easy on Inspection – Remember that most states follow New York’s example in that properties are typically sold in as is condition. This will be especially the case in a seller’s market.

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