The current housing market is extremely competitive, and as a result, there are simply not enough homes to go around. Real estate market trackers report that the number of homes available for purchase in the Cincinnati area has decreased by ten percent over the past year. As a result of the shortage of listings, there is now intense competition for homes that are still available on the market.
This requires prospective buyers to move quickly and come to the table prepared to make an offer, or else they risk leaving the market empty-handed. Even though the market favors sellers at the moment, Cincinatti home buyers can still improve their odds by utilizing a variety of different tactics, according to industry experts.
Here are five helpful hints for thriving in a market that favors sellers.
- Move Quickly
After you have decided what kind of house you want, where you want it to be located, and how much you are willing to pay for it, it is time to put in an offer. When buying a home in a market that favors sellers, it’s important not to overthink the process. Once you’ve found a house that satisfies your requirements, it’s time to make a decision. You need to be honest with yourself about how badly you want it because there are going to be other people in the world who want it at least as badly as you do, if not more so.
- Make The Best Offer You Can
In a buyer’s market with a large supply of available inventory, it is common to practice making an offer that is lower than the asking price. However, in the current market, trying to find a good deal could end up costing you the house of your dreams. Make an offer that corresponds to the amount that you would be willing to pay, and strive to do the best you can. When it comes to a hot listing that is ready to go and has been recently updated, there is rarely a second chance.
- Come With Cash Or A Pre-Approved Loan
Homebuyers who enter the market ready to make cash offers or who have at least been pre-approved for a mortgage loan are in a much stronger position to negotiate than those who do not take either of these preparatory steps. Because most sellers don’t want to deal with the possibility that your loan might not come through, having cash in hand gives you a distinct competitive advantage. At the very least, you should get pre-approved if you can’t bring cash with you. It is a complete waste of your time to go out and look at the property before you have discussed your financial situation with a bank. You won’t be able to get financing for the home before it sells.
- Consider Writing An Informal Letter To The Vendor
Particularly for those who have lived in the home for many years and raised their family there, the home-selling process may be just as emotionally difficult as the home-buying process. In particular, this applies to sellers who are leaving the house after raising a family there. Before a sale of a homeowner’s property may go through, the buyer must show they will treat the residence with respect.
- Don’t Walk Away
Even after finding the house of their dreams, some buyers are discouraged from moving forward with the purchasing process because of the intense competition for available properties in hot housing markets. But even if you are confronted with multiple offers from potential purchasers who keep bidding up the price, there is a chance that you will face an even more difficult home-buying scenario if you choose to withdraw from the transaction. If you walk away from a listing before it is sold, the subsequent listing may sell for a higher price than the one that came before it. This is because the comps (comparable sales) in the area will be higher. It is preferable to make the move sooner rather than later as long as the market continues to appreciate and as long as there is a demand of this nature.