Dear Buyer, do you understand it’s a Seller’s Market?
If you are considering buying anytime soon in the Houston area you must first be aware of the fact that we are dealing with a Seller’s Market right now. if you are really serious about finding and purchasing your dream home there are some things that we MUST do differently moving forward. If not, you are going to get frustrated because you don’t understand the market and what we need to do in order to win the bid on the house you want. The last thing I want as a Realtor, is a client who feels like this —>
Dear Buyer, do you understand it’s a Seller’s Market?
With that being said, I’m going to suggest and encourage FIVE (5) THINGS that you and I MUST do in order successfully win the bid on a house in a Seller’s Market.
FIRST, I want to give you the Text Book Definition of the term “Seller’s Market” in regards to real estate:
Definition of a Seller’s Market:
A seller’s market is one in which there are more buyers than homes for sale. Since supply is less than demand, homes will be higher priced making the deal potentially more favorable for the seller(s).
In other words, in a Seller’s Market the advantage shifts in their favor versus a Buyer’s Market. But no worries, as an experienced Realtor I know exactly what we need to do in order to successfully secure the house you want!
Dear Buyer, do you understand it’s a Seller’s Market?
As your Realtor, I need you to know that I do this everyday and that I am good at what I do! With that being said, I want you to TRUST my experience and know that I have your best interest in mind. My objective is to comprehensively understand your goals and to structure a deal that does exactly what you expect, need, and want. However, I need to give you five (5) solid tips that’s going to make this process a smooth transaction for the both of us. They are as follows:
#1 GET PRE-APPROVED: If you are serious about buying a home, know your buying power and get PRE-APPROVED TODAY! It’s a very competitive real estate market right now. If you are not Pre-Approved, we could miss out on your perfect house. Sit with your Loan Officer and be prepared to give him/her your last two (2) pay stubs, last two (2) months bank statements, last two (2) years Tax Returns, etc… Once you get your Pre-Approval Letter, CONGRATULATIONS! Now a seller will take us serious when we include your Pre-Approval Letter with the offer for their house. If you don’t have a Loan Officer, no worries! I work with some very professional Loan Officers that will explain the entire process and get you Pre-Approved.
#2 KNOW WHAT YOU NEED AND WANT: What do you need in a house? How many square feet? Where should it be located? One story? Two story? Need good schools for the kids? What about being close to work? WHAT DO YOU NEED AND WANT?
These questions are important! What about counter tops, Do you like granite? Do you want wood floors? Are you cool with tile? What about stainless steel? What if the house needs painting? What if the house needs some other updating? The more clarity you have about what you want, the easier it is to spot it. In a Seller’s Market, we don’t have time for you to be indecisive. Somebody might be writing a contract right now on the house you want…
#3 TIME IS NOT ON YOUR SIDE: Just like I stated above, in a Seller’s Market you don’t have time to be indecisive. In this market, it’s not about superstitions, etc.. In a Seller’s Market, houses don’t stay on the market long. Houses are selling for asking price, if not higher and fast! TIME IS NOT ON YOUR SIDE. If you see a house that feels like home, lets write up a solid offer. If you waste time, that house might be under contract later today because we took too long. Again, in a Seller’s Market TIME IS NOT ON YOUR SIDE!
#4 WE MUST PRESENT AN OFFER THAT WILL BE FAVORABLY CONSIDERED: In a Seller’s Market, I’m always entertained by the Buyer that thinks they are a PROFESSIONAL NEGOTIATOR. They watch HGTV and a few other shows and think they got the process down to a science. Well, this is real life! In a Seller’s Market, most houses are going for asking price or more without seller assisted closing costs. Most houses are getting multiple offers, meaning more than one.
With that being said, if a house has been on the market for less than 30 days be prepared to potentially make a full-price offer, if not higher. In addition to that, do you need closing costs to make the deal work? If not, your deal looks more attractive if you don’t ask for closing costs in a Seller’s Market. If you need closing costs, add it on top of the purchase price to make your offer more attractive.
#5 DON’T BELIEVE WHAT YOU SEE ON ZILLOW.COM: Zillow is a great website! However, we will not make an offer based on the information you got off of that website. The data on that website is based on Assessed Value, not actual Appraised Value. In other words, the data you are looking at on Zillow is what the County has Assessed the Value of the house to be for tax purposes. That number is almost NEVER correct in regards to actual value. So, don’t base your offer on Zillow.com. Ask me to do a CMA (Competive Market Analysis). This information will give you accurate and current data so we can make an informed decision.
Dear Buyer, do you understand it’s a Seller’s Market?
Now that you understand what it takes to get out here and win a bid for your Dream House, lets go tour homes. Email me your Pre-Approval Letter so I can have it on file. I will be bringing blank contracts with me just in case you see a house you want to write an offer on. Again, I’m good at what I do! I look forward to giving you the keys to your new home….
Alyssa Endres- REALTOR
617.869.9015
Alyssa.Endres@ibuyrealty.com
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