How To Succeed As A Buyer in Katy’s Sellers Market
The housing market in Katy, TX, is currently a seller’s market, according to the latest reporting from realtor.com. That means more people are looking to buy a home than there are actual homes for sale.
The Result of a Sellers’ Market for a Home Buyer
A sellers’ market usually means rising home prices and tougher competition among house hunters. Of course, the sellers have the advantage here.
If you’re looking to buy a home in the Katy area, where does that leave you? And how do you buy the Katy home you love when so many other buyers are competing with you?
Here are a few home buying tips that could put you ahead in the buyers’ race:
Get pre-approved.
Apply for a mortgage ahead of time, even before you know which house you prefer. In other words, find out how much house you can afford and get approved for that amount. This process usually takes only 24 hours and shows the seller that you are serious about buying a home. You can prove your pre-approval with a special letter that comes directly from your lender; share this letter with home sellers so that they know you are motivated and you can afford to buy what they are selling.
Hire a real estate agent to help you navigate through the buying process.
When you find the house you want, you’ll want to make an offer quickly. This could be especially true if you are not immediately familiar with the new market. A good agent can help you get your bearings in the area and create a most competitive offer. They can also negotiate on your behalf, keeping your best interests in mind.
Examples of what to include in an offer letter.
Don’t just tell the seller that you want to buy the house. Tell them why. Let them know that you admire the kitchen flooring or home office, or outdoor theater. Make it personal. If the seller is a dog lover, let them know why your dog would thrive in the new surroundings. The offer is coming from you, but an offer letter may drive home your true desire to be the chosen buyer.
Offer cash.
Even in the digital age, everybody loves cash (and money talks!). If you don’t have to rely on a lender, offer cash for the property. It may set you apart and improve your chances of owning that home.
Be flexible.
Being open to negotiations in the home buying contract may make you a stronger candidate for the property. Be willing to make compromises. If you can live without small changes that the seller would normally have to do, that could stand in your favor.
Bottom line.
Buying a home in a sellers’ market means fierce competition among buyers. Consider hacks that allow you to stand out from the crowd and show your commitment to buying the house you want, despite the fact there are multiple offer situations.