How to Be a Savvy Buyer in Today’s Real Estate Market

Today’s real estate market a is one that we haven’t seen in many years.  There is a demand for homes, there are many homes available, and there are buyers competing for these houses.  What does this mean to the home seller? It means that they are likely to have several offers for your house.  What does this mean to the homebuyer? It means that they may have to be savvy in order to get the house they want.

Know the Area Market – One of the first things you need to do is learn the market in which you are shopping.  This means that if you are from the area, drive around and look at the homes that are for sale, ask questions about the market to your real estate agent, and understand what homes are selling for in the area.  Your realtor can show you homes that have sold recently in the area, preferably no older than 6 months, and explain what comparable properties have been seller for in the area. If you are moving to a new area, employee the assistance of a good realtor that can explain the area’s market and help you navigate the area to find what you are looking for.  It is also important to ask about how long properties are staying on the market.  A shorter time on the market means that either it was a great deal or there is a lot of competition for the price range.

Be Ready for Competition – Knowing that, with mortgage rates at an all-time low, and prospective buyers on the prowl to home buy after several years of a stale market, there will likely be competition for any homes you are trying to buy, makes you a savvy buyer.  Knowing this means that you can prepare for the competition. How do you prepare for competition? By knowing the market, making a reasonable offer, and having an idea of concessions and seller assistance that might make the seller more interested in your offer.

Be Pre-Approved to Buy – Being pre-approved to buy a home within a certain price range means that you will be able to make an offer and proceed more quickly with a sale if your offer is accepted than someone that has not been pre-approved.  This can make your offer more appealing to a seller that has gotten more than one offer.  They know that you can afford the house, can get a mortgage for your offer amount, and are serious about moving forward with the purchase.

Don’t Low-Ball the Offer – Over the past 5 years or so, low-balling offers became common practice. This is because the market was stale and sellers were happy to get any offer for their property in many cases.  However, if you seriously want a home, you will need to kiss those low-ball offer days goodbye and only make a sincere, market appropriate offer if you want your offer to be considered.

Today’s market is changing. The days of low-balling offers and homes sitting on the market for years just begging for an offer are over.  Today, prospective homebuyers need to be prepared, informed, and ready to go to be considered a serious home buyer with which today’s sellers will want to work.

Have some time on your hands view these listings in Canyon County under $150,000 no more than 10 years old.  These are active updated daily listings provided by IDX/IMLS.