Buying in a Sellers Market

Should you or shouldn't you buy a home right now? This is the question that everyone seems to be asking as the prices of homes skyrocket. Homebuyers are getting into bidding wars and raising the price of homes quite a bit! Sometimes even $50,000- $100,000. But that doesn't necessarily mean that you shouldn't buy a home right now. 

Mortgage rates are actually at a record low! This means you can afford a bigger loan and still have a lower payment. So if you're in the market for a new home, you should get your financing figured out and get pre-approved before you even start looking at homes. When you finally know exactly how much you can afford, search the market for the perfect home and make sure to put in your best offer first. Like I said before, homes are going into bidding wars. Showing the seller that you're serious can really make a difference. 

Because home prices are being pushed up, this can actually make for low appraisals. In this case, you will need to have funds to cover the difference between the purchase price and the actual value of the home. 

If you really found the home of your dreams, you put in your best offer, and you're still nervous that you might get beat out. Send the seller a note or a video telling them how and why you would be the perfect buyer for their home. Sellers want you to know that you'll take care of the house and have an emotional tie to the home just like they do. Sometimes this can even beat our a higher bid!