The real estate market in northeast Indiana has been strong for the last few years. Interest rates remain low, unemployment remains low and consumer confidence is very strong. Even a strong market presents challenges, and with inventory at all-time lows, the market is favoring sellers. Buyers in a seller’s market can get what they want, but they have to be prepared and avoid some of the common pitfalls. Here are a few tips that can help buyers navigate this market:
Not making your best offer: With inventory low, more buyers are competing for homes. With technology and access to all listings in “real time”, buyers move quickly when the right home hits the market. In fact, the average days on the market before a home sells in Northeast Indiana ranges from only 49 to 102 days depending on where you live.
Waiting too long to put in an offer: While no one should buy a home impulsively, being prepared is important. Buyers should know what they are looking for and have their financing in order. Time isn’t on the buyer’s side, so moving quickly gives additional leverage with the seller.
Not working with a seasoned agent: With a seasoned agent, buyers increase their chances of getting the home they want. Orchestrating all of these variables quickly and negotiating effectively in a timely manner is a big benefit to buyers.
Not getting pre-approved for a loan: Most buyers are confident they will qualify for a loan, but the sellers want proof. Sellers often consider the financing as much as selling price; this is especially important in a strong market with competing offers.
A strong seller’s market can really be a positive factor for both parties. For the buyer, being prepared, working with a seasoned professional and realizing the process will move quickly should help make the transaction much easier and get a buyer into their dream home in no time!
article by Todd Stock, managing partner/owner, RE/MAX Results