As I have stated in previous blogs, Lynden, WA real estate is a hot topic right now. Inventory is low, interest rates are increasing and home prices are going up. If you are a buyer, you may be feeling pressure right now. Whether it is wondering what your competition looks like or if there is a home for sale in Lynden, WA that fits your criteria, you should be bringing these questions to a qualified Lynden, WA realtor. The current market can dictate how you go about making an offer. If you aren’t familiar with the difference between the two markets, you have a sellers’ market and a buyers’ market. A buyers’ market is when there are a lot of homes for sale in Lynden, WA and the buyers basically hold the power. A sellers’ market is obviously the opposite where there is very little inventory. Additionally, buyers must act fast and lots of times, homes will sell over asking with a bidding war. A seller’s market can feel a little overwhelming, so how does one survive? Check out these tips!
First, make sure you are even in a sellers’ market. Before you come prepared to the table with an overpriced offer and a bunch of perks to attract the seller, chat with your Lynden, WA realtor. Ask them to pull the comps and the stats. Comps are what comparable homes in the neighborhood sold for recently. Stats are neighborhood details such as the month supply of homes, how many days they are sitting on the market, what are they selling for, etc. By looking at these details, you can gauge which market you are in.
Once that has been determined, be prepared to be on call. In a seller’s market, you have no time to waste. You must be ready to act and quick! Lynden, WA homes for sale can be listed in the morning and by 5pm have multiple offers in a seller’s market. Be ready to go when your Lynden, WA realtor tells you about a new property that fits your criteria.
Have your paperwork ready. I have stressed before the importance of a pre-approval. A pre-qualification is a rough estimate that doesn’t consider all the necessary details. When you get pre-approved, you are not only jumping to the top of the offer pile, but you are letting the seller know you are serious. Plus, getting pre-approved to buy Lynden real estate ahead of time can cut down on closing time.
This next tip is one I highly recommend you talk in depth with your Lynden realtor about: Waive as many contingencies as you can WITHOUT compromising yourself and your future financial health. When you take out as many “What ifs” and guesswork for the seller’s, you sweeten the pot and look better compared to other offers. If this real estate transaction needs the contingencies, try and work with the seller in other ways. Possible scenarios could be a brief rent back period, letting them use a little storage or paying the closing costs.
If you are feeling the pressure of a sellers’ market, be sure to work with a qualified Lynden, WA realtor. A good quality real estate agent that knows the ins and outs will make all the difference. For more details on buying and selling real estate in Lynden, WA, give me a call at 360-410-0848.