Buying a home can be a challenge in the best of times. Try buying a home in this Asheville sellers’ market that we’re in currently in Western North Carolina, and the task might seem overwhelming. Don’t worry. There are ways to cut down on the stress and still get the house you want, even in a scary market.
What is a seller’s market? Put simply, it means there are more people trying to buy houses than there are houses for sale. The main implications are:
- Higher prices
- The need to make quick decisions
- Stiff competition from other buyers
Here are some tips that can help you stay ahead of the game:
Find a highly-experienced realtor
You need to have an agent who has proven expertise in the areas you’re seeking, but is also well-connected, organized, efficient, and dedicated to responsive customer service. You’ll be facing some fierce competition. You want the best realtor you can find.
Not sure what to look for in a realtor? Click here to learn more.
Seeking approval?
Speak to your lender about becoming preapproved. The preapproval process will tell you how much buying power you’ll be bringing to the table. Additionally, it can give you a leg up on rival bidders who have not taken this important step. Not to mention the credibility it gives you in the mind of the seller.
Knowing your buying power can help you to have price discipline, as well. If a bidding war breaks out, price discipline keeps you from getting carried away. You don’t want to get that home at too high a price and face years of strained budgets and monetary stress. Set the upper end of your buying power as the absolute limit, and be willing to walk away when that threshold is crossed.
Beggars can’t be choosers!
Okay, you’re not a beggar. You’re a house hunter. But when buyers far outweigh the inventory of homes in your area, you don’t have the luxury of waiting for that picture-perfect home to hit the market. You may have to change your expectations. Don’t compromise on something that can’t be changed, such as neighborhood or lot size.However, that ugly, outdated bathroom can be renovated at a later date. Ditto for the avocado green appliances in the kitchen. You can’t let these things be dealbreakers in this market.
Stay sharp in this Asheville seller’s market
In a buyer’s market you can take your sweet time about your home search. That won’t work in this Asheville sellers’ market. Stay on top of new listings, and make appointments to see the houses as quickly as you can. If you really like it, be ready to act swiftly to beat out competitors.
Highball, anyone?
Forget bargaining for price. In a sellers’ market, it’s a huge waste of everyone’s time to submit a lowball estimate. Forget about coming in well below the asking price. Your competition will likely bid higher than the asking price. Are you serious about staying in the game? Then be willing to come in at the price the seller wants, or even slightly higher.
Consider new construction
You may want an existing home, but you may find that new home builders offer better prices or are more available. However, much new construction is in outlying areas, so be sure to factor in commute time if new construction is further away from your work.
Play the waiting game if you can
If you’re not desperate, you may want to put off your home search until the market cools down. However, this can be tricky, because it’s not easy to predict when the market’s tide will turn. It may take a few years until the pendulum swings the other way.
Don’t get swept away by home-buying fever. It’s easier to get burned in a sellers’ market, and always remember that a home purchase has a long-term financial impact. Remember what we said about price discipline. It’s better to walk away than face years of financial hardship based on a careless decision.
In a seller’s market you’re likely to have to accept flaws in a home that are not negotiable. However, don’t go in blind. A home can be hiding much larger problems. Contact Peter Young Home Inspectionsbefore making a decision you might come to regret.
Buying or selling a home?
Avoid unpleasant surprises! Contact Asheville Home Inspector Peter Young before signing any contracts. Call (828) 808-4980, or click the link below to make an appointment.
