Hello! I am so sorry readers that I have been ignoring woohoo4sa for a while. I get really wrapped up in the holidays and work has been crazy! In San Antonio, we really have been seeing the real estate market transition from a buyers’ market to a sellers’ market. Why this transition? Simply put, there are not enough homes on the market for all the buyers that are currently looking. What does that mean for today’s buyer? Less houses to look at. And when you finally do find a house that you are ready to make an offer on, you may find yourself in a multiple offer situation. Here are a few tips that can help buyers in their process:
1. Be patient. Low inventory means less homes for you to look at. If your real estate agent says he or she has shown you everything currently listed, they are are probably telling the truth. You and your agent will have to check everyday to see what is new on the market.
2. Get your finances in order. When you find your dream home, you have to be ready to make that offer. Now more than ever, sellers are not going to consider your offer without a prequalification letter from your loan officer. Do not assume that sellers today are going to pay for all your closing costs. With multiple offers, sellers have their pick and choosing of the offer that is best for them. In some markets, buyers are offering more than list price.
3. Select an experienced & proactive real estate agent. Your agent needs to be diligently checking for new inventory that fits your needs and pass that information along to the buyer. Sometimes looking for new inventory is more than searching the MLS. I have seen agents knock on doors that are not currently listed and ask if they are willing to sell. With the rising amount of pocket listings (non-MLS), agents need to have a good working relationship with other agents so that they can find out about these sort of properties. That being said, the buyer needs to make sure they have good communication with their agent. An agent and buyer who are not aware of the homes that are new on the market WILL miss an opportunity. An experienced agent will help guide you in this market and make sure you find the right home.
What do you think of our sellers’ market? Do you have any tips of your own?