Profitt Report: Buying a home in a seller's market

Photo credit: American Advisors Group / Flickr / CC BY-SA 2.0

if you’re not tuned into what’s going on regionally. The type of market you’re in will depend on your city and even your neighborhood. However, in general, the experts say we’re looking at a seller’s market, meaning buyers need to be on your toes.

“The first thing I would strongly, strongly recommend is get all the financing done first,” said Tom Darger with Ayre/Rhinehart Realtors in Midland. If you’re pre-approved for a mortgage, that’s a huge leg-up in a seller’s market.

Next, because things could move quickly, if you’re selling your home and looking to buy another, you might sell your home before finding a new one to move into.

“One of the challenges when it becomes a seller's market, is the mindset changed,” said Darger, “you want to get into an apartment or short-term rental that is not going to be completely confining.”

Last, Darger said to do your research and know what you’re buying. You’ll want to protect the investment you’re about to make and know the true value of your future home.

“You can get a local appraiser to come in and double check that information for you,” he said.

If you’re working with a real estate professional, it’s a good idea to interview a few different agents. A good agent can navigate the market and make your offer stand out.

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