4 Tips for Massachusetts or Connecticut Home Buyers In This Seller’s Market

A seller’s market, in whatever form, is a market in which there are fewer things available for sale than there are buyers looking to buy those goods, allowing sellers to set the pricing. And that’s exactly what we’re seeing in the real estate market right now around the country. Demand is high, inventory is scarce, and prices are rising. Buyers must employ techniques that will provide them a competitive edge in a market that favours sellers. So, in this seller’s market, here are four advice for Massachusetts or Connecticut home buyers.

1. Start Your Search Early

Low inventory is one of the hallmarks of a seller’s market. Because there are fewer listings and more buyers competing for the few available houses, homes for sale don’t stay on the market for long. As a result, you must begin your property search as soon as possible, while being persistent and prepared to act promptly.

You should also gather as much information as possible on potential residences, such as property reports, disclosures, due dates, and so on (another reason to start early). Then keep an eye out for open house dates and keep your options open. This is something that an experienced Massachusetts or Connecticut agent can help you with. Simply contact 413-455-0008 to learn more.

2. Get Pre-Approved

You may be certain that you can obtain a mortgage loan in the amount required to purchase a home, but the seller is unaware of this. If you get pre-approved for a mortgage, on the other hand, the seller knows you’ll be able to get the money you need. In a seller’s market, this is even more critical.

Pre-approval entails filling out a mortgage application and attaching all supporting documents, particularly your financial information. You’ll receive a pre-approval letter detailing the amount you’re qualified to borrow when you’ve been pre-approved. Then, when you make an offer, you may present the seller the pre-approval letter to indicate that you are a serious buyer.

3. Make Your Offer Attractive

Making their offer more appealing than the other offers is another strategy for Massachusetts or Connecticut house buyers to have a leg up in this seller’s market. In today’s market, multiple offers are prevalent, therefore to make yours stand out as the most appealing, you can…

• Offer slightly more than the list price
• Offer a larger earnest money deposit
• Avoid requesting favors like the inclusion of kitchen appliances at no charge
• Ask for few or no concessions
• Submit a pre-approval letter with your offer

4. Be Flexible With Your Timeline

In current seller’s market, being flexible with your timeframe, particularly when it comes to closing and taking possession/moving in, can help you gain an advantage. Here’s an example . . . 

It’s common for a seller to need to stay in her property after escrow closes, and you can allow her to do so in order to make your offer the best. “Rent-back” or “lease-back” is the term for such an arrangement. The average length of time a seller stays in the house is 29 days or less. This allows the seller to take their time finding or moving into their new house.

There are some risks here, so be sure to consult your Massachusetts or Connecticut agent at 413-455-0008 before entering into such an arrangement.

And Work With a Local Massachusetts or Connecticut Agent

Working with an experienced local realtor is perhaps the most critical move Massachusetts or Connecticut homebuyers can take in a competitive seller’s market. Local marketplaces can be quite different, and what works in one might not work in another. Your Massachusetts or Connecticut agent can advise you on the best bidding strategies for the area you’re considering. So don’t hesitate to contact us immediately at 413-455-0008 if you want to improve your chances of receiving the home you want and need in this seller’s market.