Buying a Home in a Seller's Market

Posted on Tuesday, June 14th, 2016 at 4:28pm.

Buying a Home in a Seller's Market

The summer selling season is in full swing, and some buyers may be wondering how to come out on top in Austin’s market. Austin has been a seller’s market for the past few years with an increasingly high demand for homes. Competition is bound to be intense this summer, so here are some tips to help you stand out from crowd and secure your dream home.

Commit to Your Home Search- You can’t discover your dream home if you don’t know what’s out there on the market. It’s not unusual for homes in hot areas, like Central and South Austin, to go under contract in a day or two. The key is to stay on top of the latest listings that hit the market. Your Reilly Realtors agent can set you up with listing alerts so you’re automatically sent new Austin homes for sale in your preferred area that meet your criteria. It’s also a good idea to be as available as possible to attend open houses or last-minute showings with your agent.

Widen Your Search- You may have always dreamed of living in one specific neighborhood, but don’t be afraid to look in other areas for your perfect home. Austin has thousands of unique neighborhoods (we’ve documented over 2,000 alone in our Austin Neighborhoods Guide), which all offer different amenities. Be open to exploring different neighborhoods that are similar to your ideal community for the best chance of finding the perfect home.

Get Pre-Approved- In a competitive market like Austin’s, you may find yourself going against several buyers for one home. An easy way to set yourself apart as a better buyer is to meet with a trusted, local lender and secure a pre-approval letter. Showing you’re a well-qualified buyer up front is reassuring to sellers and can give you a leg up on the competition.

Negotiate Appropriately- Work with your agent to tailor your negotiation strategy to benefit you in this seller’s market. Often, your best move is to present a fair and reasonable offer that’s within your budget. If competing offers and negotiations push the price of a home above your budget, don’t be afraid to walk away. Each home buying situation is different, so use your best judgement and listen to advice from your agent.

If you’re considering a home purchase in the Austin area this summer, our agents are experts in the Austin market and would love the opportunity to help you find the perfect home. Contact us today to get in touch with one of our top agents.

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