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A Buyer's Guide to Surviving a Seller's Market

Posted by Jeff Sallan on Monday, April 11th, 2016 at 9:40am.

Home values are creeping higher and higher. The Reno-Sparks area hit an all time home value high last month and as a buyer, you're worried about being outbid or not even having the opportunity to make an offer on your dream home. While some concerns can be a harsh reality for home buyers, there are plenty of things you can do to prevent any house-hunting heartbreak. 

1. Be Available. If you're only available to see properties occasionally, you might miss out on a great property. Make sure your real estate agent knows what you're looking for and that the homes in your customized property search fit your parameters. Then, when a property that looks good shows up on your list, let your agent know immediately so they can schedule a showing. 

2. Know Your Agent. If your agent is working with dozens of buyers, there's a good chance they won't have time to show you properties immediately. When interviewing agents, make sure they have both the experience to represent you well and the time to take on another client. 

3. Come Prepared. If you're pre-qualified, or even better, pre-approved, bring the paperwork. Make sure you have proof of funds for your down payment. Proof that you're financially prepared will solidify your offer. Provide these documents to your agent when beginning the home search so they can have them available when you make an offer. 

4. Be Ready to Compromise. To sweeten the deal, you may want to overlook minor things on the inspection report or have a shorter or longer closing period. Never compromise to the point that you are uncomfortable, but know that going in to an offer, there may be other buyers who are willing to make these compromises. 

5. Expand Your Search. If you're having trouble finding a home in your price range or that meets your other criteria in your favorite neighborhood, consider other neighborhoods. Work closely with your Realtor to find neighborhoods that fit your lifestyle and price range. 

6. Don't Lowball. A few years ago, a buyer's first offer on a home might be lower than what they were actually willing to pay, knowing the home seller would likely counter offer. In today's market, a lowball offer might be ignored or rejected outright by a home seller who may be fielding other offers. Work with your Realtor to decide what is fair market value to make a strong offer. 

7. Don't Settle. Just because home values have increased doesn't mean you should settle. Decide which features, locations, amenities, etc. are "must-haves" and which you can compromise on. Buy a house you love that will fit your lifestyle. 

8. Work Closely With Your Realtor. Make sure your agent knows what you're looking for. If there's a specific school district, floor plan, or features you must have, your agent needs to know. 

If you have questions about buying a home in Reno or Sparks, we'd be honored to assist you. We can set up a fully personalized home search that will alert you with homes that meet your criteria within moments of the properties coming on the market. Call as at 775-453-0209. 

 

 

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