You know the saying, “life waits for no one?” Well, that definitely holds true right now as the nation is still trying to cope with the coronavirus that continues to sweep through the nation.
We know that this may not be the ideal time to buy a house, but sometimes you have no choice in the matter.
HomeLight’s 2020 Q3 survey reveals that 92% of real estate agents say they’re experiencing a strong seller’s market and that might make you a little hesitant to move forward. Don’t worry! We have five tips that will help you navigate the transaction as smoothly as possible.
1. Don’t hire just any real estate agent
When you’re doing something new, you usually learn as much as you can before moving forward, right? It could be finding a new doctor or checking out the reviews of the new restaurant in town. It’s completely understandable because who wants to spend money and not be satisfied by the service or goods they’re buying?
The same goes for choosing a Las Vegas real estate agent. You don’t want to hire just any agent because there’s no guarantee they’ll be able to help you or work in your best interest. For example, maybe you love the Las Vegas nightlife and you’re searching for property in Downtown Las Vegas. Maybe you’re looking for a neighborhood where you can immerse yourself in culture and art – your agent should be able to find the perfect neighborhood near the Art district!
2. Ask plenty of questions about your new neighborhood
We know that an important role your real estate agent is going to be finding you a house that meets your needs while staying in your budget. That isn’t the only reason why you should hire a top-selling agent. A top selling agent should know the area inside and out so when you have any questions about the area, they’ll be able to give you the answers you’re looking for.
This doesn’t mean that’s the only research you need to do when you want to learn about the neighborhood. You’re going to want to use Google to learn more about the area. If the new neighborhood isn’t too far away, make a plan to spend the day out there and pretend you live there.
What we mean is go to stores and parks to get a sense of the people. If you’re particularly outgoing, try talking to someone and ask them about the area and get recommendations for… Anything!
3. Get pre-approved for a mortgage ASAP
Buyers entering a seller’s market are going to have to come in with a game plan and part of that plan should be to get a pre-approval letter from a lender. This letter lets your agent know how much money you can spend and it also lets the seller know you’re a serious buyer.
4. Make them an offer they can’t refuse
Look, buying in a seller’s market isn’t going to be easy, so you’re going to have to submit an offer they can’t refuse. This means submitting your best offer right away. You can also omit common contingencies or terms like home inspections, financial stipulations (like needing to sell a house first before signing the contract to buy this house), and so on.
5. Consider including a personalized letter
Buyers who really want to stand out aren’t just submitting their best offer right away, 61% of agents say clients are submitting personal letters to the seller in an effort to stand out. The letter shouldn’t be any more than one page and you definitely don’t want to fill it with over-the-top platitudes.
Instead, craft a letter that is honest and to the point. Let the seller know how much you’ve fallen in love with the house and what you like about the house. Let them know why you want to live there and how much it would mean to your family if your offer was accepted. If you’re worried if your letter isn’t going to have the effect on the seller that you hoped it would, that’s when your real estate agent can step in and offer advice. They’ll help you create an offer that’ll appeal to the seller so your dreams of being a homeowner will come true!
We can help you. Reach out to us today so we can get your home buying journey started!