Jeff Duncan Real Estate
Jeff Duncan
(360) 441-2121(360) 441-2121

Advice for Buyers in a Seller’s Market

Instead of my usual quick tips for buyers, today I’m giving advice more geared toward the mindset of a successful buyer.  Adjusting the way you think about your approach to buying a home will prepare you for the detailed steps you’ll take in the process.

 

Don’t get discouraged

 

This is much easier said than done. As a real estate broker I can tell you that it’s important to take the emotion out of the home buying equation, and it’s absolutely true.  Being a buyer in a seller’s market is difficult, and unless you have unlimited cash, you’re likely to miss out on a few homes before you close a deal-this is not for the faint of heart. But if you approach it as a business deal with the realistic expectation that it may not pan out, you’ll be less disappointed if it doesn’t.  You’ll also be less likely to make emotional decisions throughout the process.  Team up with a professional buyer’s broker who will give you expert advice every step of the way and keep you encouraged.

 

Think like a smart buyer

 

Being a smart buyer will help with every aspect of the home buying process. Smart buyers make informed decisions based on expert advice.  They don’t try to lowball a seller in a competitive market, but rather put themselves in the mind of a seller and think about how they can make their offers look attractive.  They think creatively and collaborate with their buyer’s broker to craft a solid offer every time.  If one offer doesn’t work out, they regroup and try again.

 

Stay encouraged

 

First, remember that housing markets are cyclical, and that the current market conditions won’t last forever. We’re already seeing signs in certain segments of the market that changes are taking place that will favor buyers.  Look at graphs of historic interest rates and get excited about how low they are right now! Work closely with your buyer’s broker to stay informed about changing market conditions and how they can work to your advantage.

 

Know what you want

 

This is one aspect of being a smart buyer, but it’s worth mentioning separately.  Make a list of features you must have in your next home.  Also make a list of features that would be nice to have, and which you can live without.  If you’re unsure about what you want and need in your next home, you won’t be ready to take the next step when the time comes.  That’s a recipe for missing out.  There’s no time for hemming & hawing in a seller’s market!

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