Uncategorized May 22, 2017

How To Navigate A Seller’s Market In Just 5 Steps

The low inventory across the United States is making headlines as buyers try to navigate the tight market. Buying real estate in Lynden, WA is already a process that can feel complex. Add in a competitive market and the whole experience may make you feel like you want to throw in the towel. As a long time Lynden, WA realtor, I have some tips that can help you navigate the process successfully.

  1. Determine your budget and stick to it. I have said time and time again, when it comes to buying real estate in Lynden, WA, you want to know how much you can afford to spend. The best way to determine what you can spend on real estate in Lynden, WA is by going to your lender and getting pre-approved. Now, it is important to know that pre-qualified and pre-approved are two different things. Pre-approval means you are approved to buy a home for sale in Lynden, WA within a certain amount thanks to a loan from a lender. Pre-qualified simply means that you could qualify for a certain amount based on your income and debt. Once you know how much you are approved to spend, you will want to determine your extra housing costs such as bills, insurance, taxes, utilities and HOA If applicable. Having this number does a couple things for you. 1.) You aren’t wasting your time looking at houses you cannot afford. 2.) You know how much flexibility you have in a bidding war, which is common when inventory is low. 3.) Sellers take you more seriously compared to someone who doesn’t have a loan.
  2. When you make a bid on a home for sale in Lynden, WA, do so competitively and try to keep the contingencies to a minimum. Sometimes people think writing a lowball offer will fly. While that can work in a buyer’s market, that usually backfires in a seller’s market. Because there are so many offers being written on the same property, your offer may be bypassed altogether.
  3. Know the difference between “want” and “need”. Needs are usually beds, baths, fenced yard, proximity to schools, work and businesses. Wants are usually upgrades that can be added later or luxurious desires like certain views or popular amenities. Sure, you want the best of both worlds, but in a limited market, you have to pick and choose your battles and know what is a necessity and what is not.
  4. Be ready to move fast! In a seller’s market, a home for sale in Lynden, WA moves quickly. So quick that by the time you go to view the home after work, it could have several offers already on the table. If buying is something you are serious about, make it a priority and be ready to write. If you hesitate too long, you could lose out on a fabulous piece of Lynden, WA real estate.
  5. Work with a Lynden, WA realtor. Real estate in Lynden, WA is local so it is important to work with someone who is local. They have home field advantage and can give you accurate data on what is happening in your neighborhood. This data includes active listings, pocket listings (off market Lynden, WA homes for sale), the median and average sales prices, days on the market and more details that can not only help you write an offer, but get you into a home.

Thinking of buying Lynden, WA real estate? Give me a call. As a long time, local Lynden, WA Realtor I would be happy to discuss the current market conditions with you!