Sellers in California and in many other parts of the country have the upper hand right now as it relates to the housing market. Homes are selling quickly, and in some case, buyers are engaged in bidding wars to acquire them. However, it is still possible to get a home at a reasonable price even in a seller’s market. To do so, it is a good idea to work with a professional real estate agent.
This person can handle negotiations with a seller and act as an advocate for a buyer. Flexibility is key when looking for properties to purchase in a seller’s market. For some, buying the right house at the right price may include expanding the search parameters. Another way to get a good deal on a home is to make an offer as quickly as possible. Ideally, the offer will have few contingencies and close in a manner that is convenient for the seller.
Buyers are encouraged to get pre-approved for a home loan as it shows sellers that they are receiving a serious offer. This can also help buyers determine what their budget is. After an offer is accepted, buyers should refrain from making large purchases as this could increase their debt-to-income ratio. Doing so call into question a person’s ability to get a loan.
When buying a home, it is generally a good idea to rely on professionals who understand the dynamics of a real estate purchase. Prior to a deal closing, an individual may benefit from consulting with an attorney. An attorney may review contract terms and explain what they mean to a buyer.