It’s no time for the timid if you’re looking to purchase a home right now at the Delaware and Maryland beaches!
Fueled by low interest rates, a shrinking amount of available homes on the market and pent up demand due to the normal Spring selling season being delayed because of COVID-19 restrictions, homes are selling in the coastal region right now as quickly as we’ve ever seen them.
It’s a big-time seller’s market; there’s just no questioning that fact.
The demand for homes is greatly outpacing the supply. It’s been that way for some time now, with homes selling at a blistering pace, sometimes faster than we can even complete the marketing process.
If you’ve been considering selling your home, you simply may not get a better opportunity to do so than right now. But if you’re buying, how can you best maneuver the current market conditions to ensure that you get the home you’re looking for at a reasonable price?
It can be difficult, for sure, but you should be able to do so by working with a qualified Realtor who has your best interests at heart and can help you to manage the process.
But as there are a lot of people out there right now looking for great homes in Delaware and Maryland’s coastal regions, we thought we’d present a few tips on how to best find the home of your dreams in the midst of one of the biggest seller’s markets we’ve ever seen.
Here are a few things you may want to consider:
Get Pre-Approved for a Mortgage
When the market is moving at such a rapid pace, it can certainly give you a leg up by showing that you’ve already been pre-approved for a mortgage that covers the price of the home you’re making an offer on.
There’s a good chance that your offer won’t be the only one, so this could definitely give you an advantage and get the seller’s attention. The seller’s Realtor will also take note of this and relay to their clients that there’s a much better chance of a smooth transaction if they go with your offer.
Anticipate a multiple offer situation for the home you want and take every advantage you can get. And if you find a home you want during the current market, don’t waste any time in making an offer!
Make a Strong Offer
If you’ve found a home you really like, you may want to offer an amount above the asking price in order to stand out from the crowd.
Money is still king, after all. And if you can show a strong offer as well as a pre-approval letter, you should be in pretty good shape when it comes to standing out from the competition.
Consult with your Realtor about exactly how much you should offer. If it’s in your budget and you’ve found a home that you really have your heart set on, consider offering at least a little bit above the asking price.
But don’t make it more than what you’ve been pre-approved for, as this could be counter productive. Seek advice from your Realtor and make the best offer you can, especially if it’s a home that’s really caught your eye and you can envision living in for years to come.
Move Fast and Don’t Waste Any Time
Homes in some of the coastal region’s most sought after residential communities are selling incredibly fast right now. So if you see one listed, don’t waste any time in heading out to take a look.
Put on your running shoes and sprint to the home in question! Not literally of course, but you get the idea.
It would also be wise to give your Realtor the names of a few communities you’re interested in so he or she can be on the lookout, allowing you to schedule a tour immediately upon the “For Sale” sign being placed in the ground.
Try to also keep your schedule as open as possible if you’re definitely in the market for a new home in the current environment. You’ll need to move quickly to stay ahead of other buyers who are interested in the same communities.
Keep Things as Simple as Possible
Sellers are getting a lot of attention for their properties right now, so submitting an offer with a whole host of contingencies is probably not something they’re going to want to entertain.
Now obviously there are contingencies like home inspections and mortgage approval that have to remain in any contract, but you may want to rethink some of the more minor things that you could get away with in a buyer’s market.
Don’t expose yourself to any long-term negative consequences by being too eager, of course, but work with your Realtor to submit an offer that’s as clean and simple as it can be for the buyers.
In this type of market, that can really go a long way toward getting your offer noticed and ultimately allowing you and your family to move into your dream home.
For more tips on how you can best maneuver the current environment at the Delaware and Maryland beaches, contact the Oldfather Group today at 302-260-2000 and speak to a member of one of Delaware’s leading real estate sales teams.
We’d love the chance to officially welcome you into the growing Oldfather Group family.