These days, there's barely time to get a "For Sale" sign in the yard before a house is sold in San Antonio. Low inventory in this thriving real estate market has driven home prices up, and reduced the average number of days that a home spends on the market. In June 2015, the average sale price in San Antonio went up by 5 percent to $242,588 and homes spent an average of only 52 days on the market.
It's definitely a sellers' market in this city, and plenty of other markets across the country are experiencing the same symptoms.
This is great for home sellers, who will enjoy offers that are above asking price and will be able to sell their homes in a matter of days — or even hours. But what about the home buyers in a sellers' market? It might seem difficult to find a great house at a reasonable price in this type of market, but there are still many ways for interested home buyers to land amazing deals on wonderful homes.
5 Tips for Home Buyers in a Sellers' Market
- Get preapproved for a mortgage before you begin looking at homes. First of all, you will want to know what you can afford before you go looking at houses. Second, you will want to be able to prove to the sellers that you are a qualified buyer who will not have difficulty with financing.
- Work with a real estate agent who is an expert in the local area. An experienced agent will know how to create an offer that will be desirable to a seller, but also beneficial to a buyer. A local agent understands the demands of the particular neighborhood you are shopping in, and also will be well-informed about the houses in that area. Not to mention, a qualified agent also knows how to get you into the best homes as quickly as possible and make sure your offer is the one that sellers cannot refuse.
- Know what you need, and identify what you want before you start house hunting. In a sellers' market, there's no time for being indecisive. Decide what size home you need, how many bedrooms you want, and what features you would love in your future house. Relay that list to your agent, and let them find the homes that match your qualifications.
- Recognize that you are going to have to offer asking price — or even higher. In a sellers' market, there are often multiple offers on a single property. This means that home buyers have to go above and beyond in order to make their offer stand out. There's not a lot of negotiating room when it comes to prices in a sellers' market.
- Be ready to move, and quickly. If you notice that a house goes on the market in the morning, you need to get into that property as soon as possible. If you like what you see, write an offer. You more than likely will be disappointed if you wait to make a decision, because the house will be gone.
It takes a knowledgeable, skilled agent to help home buyers get the home of their dreams in a sellers' market. Liz Petroff is an expert San Antonio real estate agent who has the experience that home buyers need in this lively sellers' market.
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