11 strategies on how to buy your home in a seller’s market

Dear home buyer,

Homebuying is a big decision and for some the journey takes more time than for others. For those buying in a seller’s market there can be an additional hurdle: competition

Homebuying competition

A seller’s market is when the seller has leverage in the sale with buyers and he or she knows it. The seller expects multiple offers on the home they are selling and have options to choose from. The seller knows that buyers want what they are selling and this gives sellers most of the control in deciding who to sell their home to.

Not to worry though, there are ways to navigate a seller’s market to set yourself up for success. Below are the top 11 strategies to keep in mind when navigating through this.

1. Hone in on your needs vs. wants

Homebuyer needs and wants list

It’s sometimes a needle in a haystack to find the absolute perfect home. Upfront, at the start of your search, it’s best to split what you need vs. what you want and be open to compromises. Keep in mind, there are things you can change about a home and those that you cannot change. For example, renovations can be made, but the location of the property cannot change!

2. Do your homework before you go to the property

Google map

Google Maps

Pictures mean a 1000 words, but a virtual tour means even more. There is plenty of research you can do about a property before you make the trip to go see it. If you know a home doesn't fit your needs, don’t spend your time going to an in person viewing.

3. Get your pre-approval, and get as close to a 20% downpayment as you can

Nuhom preferred lender list

It’s important to know what you can afford and if you’re using financing, a pre-approval from a reputable lender