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Wednesday, May 17, 2017

How to Survive A Competitive Sellers Market

How to Survive a Competitive Sellers Market

St. Louis and St. Charles County area homebuyers: we hear you. It can be a challenge right now if you are looking to purchase the perfect home. Chances are you’ve found it - a few times - only to find out there is already a contract and backup contract on the home. So here is some great advice to help you survive the current competitive sellers market.

Start Early
As soon as you decide you are going to purchase a home get started with the process. How do you start?  By interviewing or contacting a qualified, full service Real Estate Agent that knows your desired area.  Select a full time, professional Realtor that has the resources and expertise to find the right home for you in this competitive market.  Ask your Realtor this question, “What resources would you use to best find me a home, possibly before it hits the market, and what strategies would you use to help me secure that home?”  Don’t be afraid to ask for a testimonial from a recent buyer client.

Get Pre-Qualified for a Home Loan
Your Realtor will have excellent Lenders that will help evaluate your buying position. Without knowing how much you can afford, you can’t confidently jump on the perfect home as soon as you find it. If you aren’t paying cash contact a reputable loan officer to help you determine how much you can afford and get you pre-qualified.   
Get pre-approved for a home loan in a sellers marketIt is important that you get pre-qualified for a home loan, as it is expected to be submitted with your offer to purchase. This process will qualify you for a home loan and help you determine the amount you can spend on a home. It also shows home sellers that you are serious about purchasing their home, which is expected in all home-buying situations.

Determine Your Must-Haves
What are the items that you cannot live without? Make a list of the things you must have in your next home. Keep in mind that the longer the list, the longer your home search could be in this current competitive market. If you still can’t find the perfect home, consider an almost perfect home that is under budget. This way you can make it into the perfect home with the money that you didn’t spend.

Search For Your Perfect Home
Finding the perfect home in a competitive marketNow that you’ve figured out your finances, determined your must-haves and connected with an experienced real estate agent, you’re ready to begin searching for homes. Your real estate agent will be assisting you with this process by searching through their various contacts and systems. One suggestion, consult a real estate professional regarding the most accurate and updated resources for your home search. Many national home search websites, such as Zillow,  only update their listing data every few days. In a competitive market many of the homes that appear on those search results will already have a contract on them by the time you find them. Instead, try Our website gets multiple listing data updates hourly and has more accurate local information.

The Boehmer Team Can Help
Are you thinking of purchasing a home in the St. Louis or St. Charles County area of Missouri? The Boehmer Team can help. We have over 55+ years of combined experience in real estate. We’ve seen buyers markets and sellers markets and made the best of both. Contact us if you have any questions about real estate or help buying or selling a property.  In addition, we have extensive experience representing buyers purchasing new home construction and consider ourselves experts in the field of new home construction. 

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