HELP! Buying a House in a Seller’s Market

mistakes buying

There is no question that the Houston area is a seller’s market. Thousands of Exxon employees are moving here from around the world plus all the people who will move here to support them.  So if you are interested in buying a home, especially in the Spring/Northampton/Auburn Lakes/Woodlands areas, this is the time to act.  Don’t make the mistakes that so many others have been making. Use the following tips to get the house you want:

 1. Use your own Realtor®. Find someone who is familiar with the area where you want to buy . . . someone like me!  As the buyer’s agent, I can locate multiple homes to meet your criteria and show them to you immediately. No need to wait for different sellers’ agents to get you inside.

 2. Obtain Proof of Funding or Mortgage Pre-Approval Before You Go Looking. The sellers want to know before they enter into a contract that you can qualify to buy the house. So you have to sell yourself to them.  Minutes can make a difference when a house comes on the market, so be prepared ahead of time.

3. Submit Your Offer Immediately.  When you find the house you love, get an offer in right away. In a seller’s market, there often won’t be time for a second look or even a second opinion—like from your relatives!  That doesn’t mean you won’t have a chance to inspect the house, and you can even enter into an option period where you can walk away from the deal without penalty. But get that offer in immediately!

4. Make the Offer as Clean and Simple as Possible. Many people who want to buy a house want to make sure that their present home is sold first, so they write a “contingency” into the contract.  That isn’t going to fly in a seller’s market.  Get a contract on your home before you put in an offer to buy another home. Otherwise, you will risk having to find a home to rent or lease. Don’t clutter up the contract with contingencies.

5.  Learn the Art of Negotiation in a Seller’s Market. When you do find the home that’s just right for you, make sure your offer is competitive. And in a seller’s market, that often means making an offer that is more than the asking price.  (That is not a typo!) A good real estate agent will let you know ahead of time what comparative prices in that neighborhood will be. (They’re referred to as “comps”.) Don’t lose the deal just because you think the seller will always come down on their initial offer. Not in this market!

Let me know if you have any questions. Just click the “Contact” button in the upper right hand corner of this page.  Just remember, there’s a home that has your name on it. We just need to find it!

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