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When there aren't many homes for sale on the market and you're trying to buy one, things can get a little tough. However, that doesn't mean it's impossible to buy a good home. As a buyer, there are many different ways to strengthen your offer to get the home that you desire.
One thing that you can do as a buyer in a seller's market is to become pre-approved with a local lender. This will make your offer comparable to a cash offer in the eyes of a seller, and it also allows you to figure out how much you can comfortably spend on a home.
Don't forget to put a good portion of money down on a home. You don't need the traditional 20% down, but if you can afford to pay that upfront, I suggest you do so. The more you can put down, the better your offer will look to the seller.
Get yourself organized, and know where your bank statements are, your W-2 forms, and any other piece of information that you're going to need in order to buy a home. Sellers want to see someone that's ready, willing, and able to buy a home. Being organized is one way to show that you're a serious buyer.
Don't make a lowball offer, especially in a bidding war! You need to come in hot with your best offer. You may be ignored by the seller if your offer is too low, or you may run the risk of offending the seller with a low offer.
Keeping your contingencies reasonable is another way to capture the eyes of sellers. They want to find the buyer that will make selling their home easy, and they don't want to negotiate around contingencies with a buyer. The less contingent your offer is, the more attractive sellers will find it.
Those are my top five tips to help you buy in Southern Maine when the market heats up. If you have any further questions, please don't hesitate to reach out to me!
