Let's Find Your Dream Home

What to Expect as a Buyer in This Crazy Seller's Market We Have Today

Dated: January 15 2022

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Buyers are facing stiff competition and bidding wars in the real estate markets that clearly favor sellers. But that doesn't mean you shouldn't try to buy right now. It does mean you will have to be realistic. 

Those HGTV shows make home buying look fun and super easy!! The buyers look at 3 homes, find their dream home, and get an offer accepted within their budget, all on the same day!!

 Yeah, well, that's not how it really works!! Especially in today's market!!

In today's market, house hunting can be long, frustrating, and exhausting! The best way to survive this market is to start on the right foot. The first thing you must do is get pre-approved by a lender BEFORE you officially start your search. Not only do you need to know what price range you can afford, but most sellers nowadays want to see the preapproval WITH an offer.

After you know your price range, the next step is to get a good Realtor. ( we would love to work with you if you are looking to buy in the Upstate of SC). 

With your Realtor, take time to research the market and be realistic about what your money can buy! It can be tempting to go above your budget when you fall in love with a house, so the best rule of thumb is to not look at a home that is out of your budget! In this market, the seller will likely not come off list price much, if any at all! - You may even have to pay over list!!

So you found your dream home... Now you and your Realtor need to discuss your offer. Make sure to not discuss an offer inside the home. A lot of homeowners have cameras and they can actually hear what you say.. you don't want to give up your negotiating strategy!

In this seller's market, your offer must be strong from the beginning.. You may not get a second shot. The fewer contingencies the better in this market. It is important that you appear easy to work with and that you will get to the closing table with very few issues. 

Be prepared for rejection and/or multiple offer situations where you are not the winning offer. Don't get discouraged. It may take making offers on several homes to finally get the one you want for a price you are comfortable with. 

Once you do find the right home and get your offer accepted, your lender will start the underwriting process on your mortgage. It is extremely important at this time to not make ANY big purchases that might affect your qualification status. It is best to just not use your credit cards during this time. ( And don't decide to make a job change now!!)

Your Realtor will also guide you through the process of getting a home inspection done. This can be really stressful, but after this hurdle, you will be much closer to being a homeowner!!

The loan process takes about 4-6 weeks. During this time, you will choose an attorney (depending on your state) to handle the closing. Don't worry, your Realtor will guide you through each step and make sure everything stays on track. 

On closing day, you will receive the keys to your new home!! Congratulations!! You are now a homeowner!

 

If you are looking to start the process of buying a home, contact us today. We love working with first-time buyers!! 

 

 

 

 

 

Blog author image

Sheila Newton

Servicing The Upstate (Anderson, Greenville, Oconee, and Pickens Counties) since 1989 ~ I was raised in the Upstate of SC and after my husband’s 4-year tour with the United States Marine Corps, we ....

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