How To Buy a Home In a Sellers Market

Many communities, including Las Vegas, have a very tight housing market right now. There are more people looking for a home than there are houses on the market. If you are one of the buyers wanting to purchase a home, there are ways that you can increase your likelihood of success.

Get Your Mortgage Early

You need to contact your mortgage company in Las Vegas or other communities early in the process. They can usually pre-qualify you for a mortgage. That way, when you find the right home, you are ready to place your bid.

Move Quickly

You will want to be instantly available to your realtor when a new property becomes available meeting your criteria. Homes will close very quickly in a tight market. Make sure that you are ready to put in the first bid as anxious sellers may snatch up the first reasonable offer.

See All Property

It can be hard to get great real estate photos. For example, some properties may have tenants living in them, and the tenant is not willing to move their stuff for photos. Others may have photos taken by unqualified individuals without proper lighting. Make sure to see all property for yourself.

Start With Your Best Offer

In a buyer’s market, you would want to start with a low bid and see how low you can buy the property; however, that is not true in a tight seller’s market. You need to start with your absolute best bid and hope that the buyer accepts it. Likewise, in a buyer’s market, you may be able to negotiate with the seller to get them to make costly repairs or at least pay for them. While you will still want to ask, be prepared to cover these costs yourself in a tight housing market. (Compare working with single lenders vs mortgage brokers here.)