4 Tips for buying a home in a seller's market!



Are you hoping to buy a home in 2021’s hot housing market?

This short advice list can help you see success.



  1. Qualify for the lowest mortgage rate you can

Home prices have been on a tear in recent months, and according to various predictions, they’ll rise more than 5% just this year of 2021. Fortunately, record-low mortgage rates can help offset those rising prices.

  1. Get pre-approved before beginning your home search

A mortgage pre-approval is non-negotiable in this environment. Not only can it give you a good price range to work with, but it can also make sellers more likely to choose your offer.

When facing multiple offers, pre-approved ones are typically stand-outs, indicating a buyer is prepared, ready to buy and a safe bet to follow through with the deal.

  1. Work with an experienced agent

Having a great real estate agent can give you the upper hand in a seller’s market. For one, they can speed up the search for you. They can alert you ASAP when a suitable property hits the market and they might even know of up-and-coming listings that aren’t quite public yet.

Thanks to their experience and expert negotiation skills, agents can also help you submit a more competitive offer when you feel you found your Dream Home.

  1. Pull out all the stops to impress sellers

Submitting a great offer is more than just a numbers game. If you really want to stand out, include an offer in writing, with a personal note to the sellers. Waiving a contingency or two can also help, as can a larger earnest money deposit or being flexible with your closing date.


The bottom line

It might be a seller’s market, but finding an affordable home is still possible. If you take the time to prepare your credit and finances, get pre-approved for your mortgage and enlist a great agent, achieving your goal of a Dream Home may be easier than it seems. 


Trust the www.AlgarveProperty.com team to help in your search for your Dream Home in the Algarve!


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