Challenges are always expected when it comes time to buy a home. However, if you are trying to buy while it is a seller’s market, it can feel like the difficulty has reached a completely new level. Housing inventory is low and you are likely to face high competition from other homebuyers. However, Michele Harmon Team knows how to help you come out on top. Continue reading for tips on how to compete in today’s competitive market.
- Choose an Experienced Real Estate Agent
It is important to have an experienced agent on your side when facing fierce competition. In a seller’s market, you will not only need a Real Estate Agent with proven expertise in the community you are interested in, but is also highly responsive and efficient. Michele Harmon Team has won multiple awards in Tomball, Houston, and surrounding communities such as, Houston’s Top 20 Top Producers by RE/MAX, Top 400 in RE/MAX of Texas, Top Producer in the Houston Area by Homelight, Top Negotiator in Tomball, and so much more.
Michele Harmon Team keeps your best interest in mind and we go above and beyond for our clients. For example, our terrific Sales Partner, Kathryn, wrote an excellent offer on a home on behalf of her clients’ while she had her hair colored at her favorite local salon. No matter the day or the time, Michele Harmon Team will work quickly and efficiently to help clients stay on top of the competition.
“No other team has the experience in transactions, comradery as a team, procedures and systems, or detailed attention for customer service like our team,” Jennifer Setterbo, Office Manager for Michele Harmon Team, said.
- Have Your Proof of Funds and Pre-Approval Readily Available
Once you have found your dream home, time is crucial. Your offer may need to be submitted within just a day or two after viewing the home. Anticipate a multiple offer situation. Your offer will have far more credibility than competitors who did not take this step. In addition, obtaining pre-approval for a mortgage before searching for a home will allow you to know how much buying power you have.
- Get Started as Soon as Possible
In a seller’s market, listings for homes in highly sought after communities are often few and far between. When these homes hit the market, they typically do not remain on the market for very long. If you have your heart set on a particular area, start house hunting early and have patience. When you find your ideal home, you will need to act quickly. Schedule a private tour with one of Michele Harmon Team’s phenomenal Sales Partners and ask all of the information you would like about the home beforehand, such as property reports, disclosures, and offer submission deadlines (which are very common during a seller’s market where multiple offers are the norm).
- Submit a Compelling Offer
There are many things to consider when making an offer in a competitive market.
Start with a Strong Sale Price
In a seller’s market, competing buyers often bid above the initial asking price. If you want to be considered as a buyer, your bid should be close to if not higher than what the seller is asking. Michele Harmon Team is highly skilled in negotiating and we can help you determine the best pricing strategy. However, if competitive bidding occurs, it can be easy to get carried away. Be sure you set a firm limit on how much you are willing and able to spend to avoid years of strained budgets and financial stress.
Keep Your Offer Simple
In most cases, offers include contingencies such as inspections and receiving a mortgage commitment in order for the transaction to move forward. In a competitive market, you may see buyers removing or reducing their contingency periods to make their offer stand out more. Sellers are more likely to choose an offer with less contingencies because it reduces their risk of a potentially lost sale.
It is important that you feel comfortable moving forward if you choose to waive a contingency. Consider the maximum amount you are willing to pay, what compromises you are willing to make, and how flexible you can be on the closing schedule.
Consider Writing on Offer Letter
On the surface, all offers look the same. Michele Harmon Team can help you write an offer letter explaining why you are the perfect buyer for the home. In a multiple offer situation, a personal letter written to the seller might be the key to your offer standing apart from the others. We can help you connect with the seller emotionally so that they are more likely to choose your offer.
The Bottom Line
Shopping for your dream home among fierce competition can feel overwhelming. However, with the help of Michele Harmon Team, there is no need to be discouraged. Michele Harmon Team’s attention to detail, exceptional negotiation skills, and frequent communication will help you secure the home of your dreams.
“Our team provides the knowledge of NINE people!”, Holley Cugnet, Sales Partner for Michele Harmon Team said. “With the knowledge and experience of nine Real Estate agent experts, your real estate transaction is sure to be handled with the utmost care and expertise.”
If you are ready to purchase your dream home, Michele Harmon Team is ready to help! Call Michele Harmon Team today at 713-818-1330. We are here to make your dream become a reality.