The real estate market fluctuates based on supply and demand. There are times when buyers have the power to dictate list prices, but that’s not always the case. When demand is high and supply is low, sellers rule the market; however, buyers can still get what they want in a seller’s market, but they’ll need help from an experienced real estate agent. EXIT Trinity Realty is committed to helping buyers in Gahanna, OH, navigate the tumultuous market.
When you’re purchasing a home in a buyer’s market, EXIT Trinity’s real estate agents say to avoid the following pitfalls:
- Too Slow With an Offer: When demand for residential real estate is high, properties don’t stay on the market for long. If you’re house hunting and find a home you love, don’t hesitate to make an offer. Several other buyers are most likely interested too. You don’t want to make a hasty decision, but you also don’t want to miss out on your dream home.
- Lowballing Your Offer: In a buyer’s market, you can often propose an offer lower than the list price. The seller may counter with something higher, but with little competition, you have time to negotiate price. But the same isn’t true in a seller’s market. If you go in too low, it’s easy for the seller to brush you off and turn to a more serious buyer with a higher offer. Ensure you’re not ignored by coming in with a strong opening offer.
- Not Pre-Approved for a Loan: When a seller sorts through multiple offers, they won’t waste their time with someone who hasn’t been pre-approved for a loan. A pre-approval is the best way to prove to the seller that you’re a serious buyer with funds in place to make the purchase.
Wading your way through a seller’s market may seem difficult, but it’s not impossible. Contact EXIT Trinity Realty for reliable real estate help. Give them a call at (614) 269-4663 to speak with an agent, and visit their Facebook page for more helpful tips.