How to buy a home in a seller's market: 3 top tips

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.

Brick vintage Colonial house for sale College Park

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.