How to buy a home in a seller's market: 3 top tips
Updated: Dec 7, 2021
There are some tried and true ways to succeed in a seller's market when buying a house in Hyattsville, Riverdale, College Park and our other Route 1 communities. Right now, there are more home buyers than actual houses listed for sale. This usually spells a rise in home prices due to stiffer competition. Rest assured, you can still buy a home if you are prepared.
Our listing at 6819 Pineway in University Park sold in 2019 with multiple offers
Before you find your dream home, get pre-approved for a home loan.
One of the smartest things you can do to ensure your chances of buying the home you want is to apply for a pre-approval on a mortgage. An underwritten pre-approval for a mortgage usually takes about 24 hours and is strongly recommended whenever house hunting.
Going through the effort to get pre-approved shows sellers that you won’t be wasting their time and that you’re motivated to buy their home.
Add an escalation clause when you find a beautiful house!
An escalation clause is inserted into your purchase offer for a home and is intended to make sure you get the chance to be the highest bidder. This clause states that if the seller receives another offer that is higher than your initial bid, you are willing to increase your offer to a higher price, usually a predetermined amount.
Get a great real estate agent with local knowledge.
The home buying process can be stressful and sometimes overwhelming. Having a great real estate agent by your side throughout this process can help make everything go more smoothly and aid you in making an offer quickly when the time comes. My business is very local so I can give you insights about our Route 1 neighborhoods, such as walkability, schools, and other local amenities. I can also give you a sense of where I think the market is trending and just how aggressive you should be with your offer
Ready to find your home sweet home?
Looking to buy? I will guide you through this intense market and give you the inside edge to make sure that you win the house that you love. Contact me today to find out more.
Tamara Beauchard, Route 1 Realtor
As a top-performing realtor with Re/Max Professionals, I handled nearly $12 million in real estate transactions this past year. I stay on top of the market to ensure that you are confident about the price and the process from our first meeting to the settlement table.
You have an architect on your side! My experience in the design and construction industry means that we can talk about renovations and improvements that will both beautify your home and improve it's resale value.
I'm a right-fit specialist who provides consulting services for people who are not ready to buy or sell right now, but need advice on where to start with renovating or downsizing.