How to Buy a House in a Seller’s Market with Bluewater Real Estate
In recent years, there has been an upsurge in demand for residences. Long-term renters are realizing the benefit in purchasing, and affluent buyers are dominating the market on the North Carolina coast. Carteret County, Craven County, and Onslow County markets have sold more homes year over year since COVID. A seller’s market may be tough to navigate and presents distinct hurdles to the home-buying process.
That’s why our Bluewater Real Estate agents are here to help you every step of the way. With 35 years of experience on the Crystal Coast, we are experts when it comes to finding the perfect home. We will assist in the negotiating process so that you can save money on your investment even in this challenging market. If you want to learn more about how to buy a house in a seller’s market, you’ve come to the right place!
1. Get Pre-approved for a Mortgage
Getting pre-approved for a mortgage is one of the first steps in the home buying process. To begin, you will need to provide documentation of your assets and income to a mortgage lender. Once you are accepted, the pre-approval letter will help your offer stand out in a competitive market. This also makes the negotiation process easier for your real estate agent.
2. Make Your Best Offer First
A seller’s market causes homes to sell very quickly, meaning that it’s a good idea to make your best offer first. We recommend offering above the asking price if you’re serious about buying. Consider a clean offer free of seller concessions like closing costs to make your proposal more enticing to the buyer.
3. Due Diligence and Earnest Money
Due diligence and earnest money deposits are an essential part of the home buying process. Due diligence is a buyer’s good faith non-refundable payment to the seller in order to take the home off the market while the buyer does inspections and acquires a loan. Earnest money is also paid and nonrefundable if the buyer backs out after the due diligence period. Ask our agents more about this process and the strategy needed to get the winning offer in this competitive market.
4. Pay with Cash
Paying with cash can be a smart move for purchasers if you have the financial means. Paying with cash can benefit both parties since you won’t worry about mortgage interest and fees. This also keeps the process between the seller and buyer without needing a third party.
5. Increase Loan Down Payment
For many of us, it is not possible to pay with cash, but that doesn’t necessarily put you at a disadvantage when purchasing a house. When you take out a loan, offer to pay more money down to let the seller know you are in an excellent financial position and will not back out of the deal.
Discover Your Dream Home with Bluewater
The best way to learn how to buy a house in a seller’s market is to enlist the help of a Bluewater Real Estate agent. Connect with us, and we will give you the low-down on Crystal Coast sales- Including rental projections and up-to-date info on the newest properties for sale! Feel free to visit one of our offices in Atlantic Beach and Emerald Isle or fill out this form to start the process of buying your dream home!
Start browsing the available listings and discover the beautiful homes on the Crystal Coast today!