The Triangle area real estate market is hot and just keeps getting hotter. We're nearing the end of 2017, and based on this year's market statistics it's still very much a Seller's market in North Carolina. The average days-on-market last month dropped to 33, down from 35 in November of 2016. The average sale price also rose from $268,590 in November of 2016 to $292,811 in November of 2017. So what does that mean if you're looking to buy a home this year or early 2018? It's a competitive market, but with a little bit of research and the help of some seasoned professionals, obtaining the perfect home is much less of a challenge than it may seem.
Here are some tips to help you buy a home in a seller’s market.
1. Always Stay Positive
This is one of the most important pieces of advice that a buyer should know, because it’s one of the things that they have the most control over. In a seller’s market, much of the power is in the hands of the seller. It’s extremely likely that you’ll have some or many of your offers rejected, but it’s important to never give up hope! It may take a few tries, but don’t be discouraged, you will find a great home, it just might take some time.
In addition to this, always try to keep an open mind, too. If something in your preferred neighborhood isn’t working out, they might suggest another neighborhood that’s a little less competitive. Figure out what it is about that neighborhood that you appreciate and see if there are other neighborhoods that have similar features.
2. Hire A Licensed REALTOR®
There’s really no reason a buyer shouldn’t work with a real estate agent. As a buyer, there’s no added cost to you to working with a professional, and their expertise could be the difference between finding a great home and it actually becoming yours.
Experienced real estate agents will give you the inside scoop on current market trends, inform you about real estate laws, and can help you determine a strategic pricing strategy when it comes to making an offer. Best of all, they’ll negotiate on your behalf with the seller and act as your advisor every step of the way.
3. Sign Up For Automated Alerts & Be Proactive
In this type of market, homes are going fast, and you need to act quickly when a desirable home comes along. In some cases, listings are sold before they even hit the market, so having a professional on your side and keeping up on social media can help find out about listings before they hit the market.
Sign-up for automated notifications on a real estate site to have listings that match your preferences emailed to you the moment they become available. Our site, for example, sends you updated based on your search history and saved searches. When you come across a listing you love, be sure to save it and follow up with your agent to schedule a tour of the home as soon as possible.
4. Be Pre-Qualified For A Mortgage & Have Your Paperwork Ready
Before you start looking, make sure that you’re qualified to buy and know how much you can afford to spend. Bring your letter of pre-approval with you as proof that you’re a legitimate buyer. This might just give you the upper hand in a situation where you’re competing with multiple offers, and since you already know how much you can afford, this will avoid any unwanted surprises at this stage of the game.
5. Avoid Low Offers
It’s consumer nature to negotiate a lower price for anything whenever possible, but a seller’s market isn’t a good time to take risks on low-ball offers. Seller’s are typically in a position where they have multiple offers on their home, and they’re probably not going to take your offer when there are other offers above the asking price. Put in a reasonable offer that you can afford to prove that you’re serious.
Buying Homes In Durham, Chapel Hill, & Cary's Hot Seller's Market
The trick to buying a home in this seller's market is to be proactive and act fast, so do your research ahead of time and when you find a home you love request associated documents and schedule a tour within 24 hours. From start to finish, the My NC Homes team will help with every and all of the details.
When it comes to buying homes in a seller’s market, you’ll want a team with experience, information, and a solid reputation. The My NC Homes team has over 50 years of real estate experience and can help you through challenging market situations. For the latest listings, register for an account or get in touch with our team today to learn more about Durham, Cary, and Chapel Hill real estate.
Posted by Larry Tollen on
Thanks for letting me know that you should always stay positive when buying a house in a seller's market. My husband and I are wanting to buy a house. We'll definitely keep a positive attitude.
Posted by Lillian Schaeffer on Thursday, March 7th, 2019 at 10:39amLillian - Thank you for taking the time to leave a comment, glad you found the article helpful. - The My NC Homes Team
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