As the seasons transition here in Houston, we see typical transitions in the real estate market as well. Inventory tends to decline, but buyer demand is still strong. After Hurricane Harvey, these trends are even more prevalent, with inventory dropping. If you’d like to buy a home this fall, there are a few tips that will be helpful for you to know while searching in a seller’s market. Your Keller Williams Memorial real estate team is here to fill you in!
1. Have an open schedule. With inventory so low, you pretty much have to snatch up a home that meets your needs as soon as it comes on the market! Decide what you absolutely need from a home, such as a number of bedrooms or location, and only search homes with that criteria. When one becomes available, go see it as soon as you can, and make an offer if interested. Have a preapproval before you begin your search, which helps sellers take you seriously as a candidate.
2. Bring your best offer. There is a good chance that sellers will receive multiple offers, so this isn’t the time to beat around the bush. Offer your best offer first. Offer other positive perks as well, such as a fast close or more money down. If you can pay cash, that usually wins in these market conditions. But sometimes a seller will choose a family to live in their home over an investor, so writing the seller a personal letter as to why you love the house couldn’t hurt.
3. Be ready to compromise. When it comes to closing agreements, the negotiations are typically in favor of the seller in a seller’s market, so be ready to compromise. For example, some sellers may choose to take appliances that are usually left with the home, or others may refuse to take care of inspection items. Decide what you’re willing to compromise on, but anything that is a safety or health hazard should not be compromised.
4. Work with an agent! With the favor being on the seller’s side, you may get trampled as a buyer working alone. It is essential right now to work with a professional agent who will advocate on your behalf, to make sure you aren’t agreeing to anything you don’t realize, to assist you in negotiating the best price, to assure that all the correct paperwork is signed, to take care of communication with the seller’s agent, to get you in to see properties as soon as they become available, etc.
When ready to buy a home in the Houston real estate market this fall season, contact the Keller Williams Memorial real estate team! We are here and ready to answer all of your questions and to help guide you through the entire home-buying process, until you are holding a key to your new home.