FINANCIAL FRIDAY: Helping buyers be successful in a seller’s market
HUNTSVILLE, Ala. (WAFF) - It’s a seller’s market when inventory is low and demand is high. Today, some homes are only on the market for a few hours with competitive bidding.
So how can you – the buyer – make sure to get the best house and the best deal even during a seller’s market?
WAFF spoke to Todd Howard, president of Redstone Family Realty LLC and he offered these tips:
- Get pre-approved: This lets you know how much home you can afford and lets the sellers know that you are credible.
- Choose a sharp real estate agent: Your agent should know the market well and responds quickly to any circumstance. You want the best people on your team when you trying to win!
- Make your best offer first: Come in strong and forget about counteroffers, there won’t be any. The seller has multiple offers on the table and won’t need to haggle with you.
- Be ready to bid: In some cases adding an escalation clause of 2-3% more than the highest bid has been necessary…even in the North Alabama area.
- Offer non-price incentives to the sellers: Give the seller extra time to move out if you can. Put down a larger amount of earnest money. Forget about conditions or contingency clauses.
- Bottom Line: The market is hot, but don’t be pressured to buy something you can’t afford or something you don’t love. Remember that a home decision has a long-term impact on your financial future.
For more ways to save be sure to tune in at noon every Friday for WAFF 48′s “Financial Friday” segment.
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