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  • Writer's pictureBrian Freeman

How Do You Even?! Keys to Buying in a Sellers Market

Updated: Jul 12, 2021

If you are thinking about Buying in this market, there's something you should know. It's tough out here! Low inventory means there's little to choose from, and low interest rates are keeping buyers engaged. The result is that demand is far outpacing supply. So how bad is it? Imagine that you're shopping for a car. You've been watching online, and you see one that you like has just been advertised at your local dealership. You decide you'll saunter down and go take a look. Maybe give it a test drive, and then go visit a few other stores just to make sure you're not missing out on a sweet ride or deal somewhere else. Because you're always on the hunt for a deal... After clearing your schedule and getting someone to cover your shift, you decide to head down to the dealership. To your dismay there's a hoard of people there. You think to yourself that there must be free hot dogs or a Nascar driver signing autographs or something. Undaunted you approach the hoard, and are shocked to learn that they're all there to see the same car that you're interested in! Stunned, you're instructed to get in line for you turn to test drive. Things are moving quickly. As you watch people shuffle through, your turn finally approaches. You step forward and acknowledge the salesperson. They regrettably inform you to make it quick because they already have several offers and are expecting several more. And as a matter fact, each offer they've received so far, is for over sticker price! What in the world, you haven't even driven the car yet! Dejected, you decide to just go home. I don't blame you! I can't imagine buying a car this way, let alone a house. But this is exactly how the dynamic is playing out. By the time Buyers find a house they're interested in, and make an appointment to go see it, there are oftentimes agents already preparing offers for said house. Why? Because those same agents have clients that have already lost several homes to this same scenario, so in order to get ahead of everyone else, they're making offers site unseen. What to do about it? Here's where we can help you successfully get into your next home! The following are ways to give you a leg up. In some instances, it may be necessary to employ all of them. Have all your ducks in a row. I've reference the heirarchy of offers in a previous article. Virtual Tours. Agent Previews. Competitive Offers. Creative Offers. Waiving Contingencies, Writing Letters. Overpaying New Construction Or, get with an agent and play the matchmaker game! For me, this is one of the best alternatives. Of all things, there is sort of a backlog of Sellers that are waiting to sell because they don't know what they might buy. Imagine that! Relief in the form of more inventory is logjammed because Sellers are anxious about becoming Buyers themselves, and for good reason! This is where Realtors get to put their Matchmaker hats on. Sometimes we are able to successfully match Buyers and Sellers from what we in the industry refer to as pocket listings. Meaning, the Sellers have previously indicated to us that they're willing to sell, but that they're just not quite ready. This requires you (the Buyer) to be flexible, but that's the exact advantage we can give the Seller. If I can give the Sellers the piece of mind that I have a Buyer that is ready to go and flexible on closing and possession, they in turn can confidently start shopping, and I can start going through my rolodex of pocket listing for them! Thus, the cycle continues. And I get to do my best Oprah impression... "You get a house! And you get a house! And you get a house!"

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