How to be a Smart Buyer in a Seller’s Market

Pssst, it’s not as hard as you might think.

I’m not sure if you noticed, but we are in the midst of a hot seller’s market. Properties are going from “for sale” to “sold” in hours—not days. If you’re looking to sell your home, you’re probably doing a little happy dance right now.

But what of the buyers?

First, don’t panic. Sure, the market may be smiling on sellers these days, but that doesn’t mean you can’t snag a gem for a price you can feel good about. It comes down to being prepared to make quick, educated decisions.

Here’s how:

Enlist an agent you can trust.

This means seeking out a full-time professional, someone who has time for you, listens to you, respects you, and has done her homework.

We’ve also got to talk about the wonderful world wide web. Back in the day agents were like magical gatekeepers who held mystical books of listings. You needed one to gain entry into the wonderful world of homebuying. Thanks to the advent of the InterWebs, buyers have all the access and (too much?) information. As an agents in this age of technology, we have to step up our game. Here’s what I bring to the table that you’re NOT going to get surfing the web: TIME. You can exhaus countless hours clicking through listings, but why? I’m still magic, but now think of me more like a filter—or an air purifier. I sift out all the bad stuff and focus your search on what you need and want. Look, I do this all day every day. Tell me your goals, and we’ll get there in the most efficient way possible.

Educate yourself.

Web searches, apps, and gorgeous house porn photography are all well and good, but nothing beats boots on the ground research. Get out and get in the properties. Smell, touch, feel. See how that master bedroom that looked huge through a wide-angle lens can barely fit a queen sized bed. You’ve gotta be there. There’s no substitute.

Communicate.

Your agent is on your team. The more info you give her the better she will be at sifting through the noise and filtering out the deal breakers to find the home of your dreams.

Negotiate...

Yes, it’s a seller’s market, but that doesn’t mean you have no leverage as a buyer. This is where your Realtor earns her stripes. Get a good one one who enjoys going to bat on your behalf. 

...but know your limitations.

Not too long ago we were riding high on the hog in a buyer’s market. We could ask for 10 percent off the sale price, another 3 percent in seller-paid closing costs, contingencies, the list goes on. Those days are gone...for now. These days, when I act as a buyer’s agent, we have to pick our battles.

Be irresistible.

I like to remind my buyers that, in most cases, there are real people on the other end of this home buying transaction. They likely lived in and loved the house that you want to make your home. Have all your ducks in a row,, then present the sellers with a strong offer coupled with a compelling story of who you are and why you want to call their house home.

Be decisive. 

Decide on your bottom line goals, keep the offer clean, simple, and well within your comfort zone, make a heartfelt appeal, then be ready to act quickly before anyone else gets the chance.