Across the country and especially here in southwest Montana, homebuyers are faced with a strong seller’s market. Tune in to our video to find out how to navigate this seller’s market in Big Sky.
What is a seller’s market?
A seller’s market means that a lot of buyers are competing for a relatively low number of available homes. As seasoned real estate agents here in Big Sky we’re here with four tips to help homebuyers win in a seller’s market.
Consult with a Real Estate Professional in a Seller’s Market
In a challenging market things can get very competitive and it’s very important to have an agent or agents on your side here to work for you and in your best interest. We’re your expert guides to lean on for advice and are ready to get strategic when the time is right. Home buying can be very overwhelming, and we are here to help!
Understand Your Finances
Having a full understanding of your budget and what you feel comfortable spending is essential. The best way to do this is to get pre-approved with the local lender early in the home buying process. Only 44% of today’s prospective home buyers plan on getting a pre-approval letter so we definitely recommend taking this step. Having a pre-approval letter ready to go is really useful when placing an offer. It lets sellers know you’re a serious and competitive buyer.
Be Prepared to Move Quickly in a Seller’s Market
In today’s competitive market it is not out of the ordinary for a listing to come on and be under contract in a couple days. We like to provide you the tools as well as our professional knowledge to see that we can move quickly on the home that’s the right fit for you.
Make a Fair Offer and Stay Flexible
When you submit an offer you can expect the sellers to either accept, reject, or counter your offer with their own changes. In a competitive market it’s important to stay nimble through this negotiation process. A few ways you can strengthen your offer is to put up a higher price, have minimal contingencies as part of your offer, and have flexible dates within that agreement. In today’s competitive market it’s more important than ever to put in a strong offer.