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Tips for Buying a Home in a Seller's Market

Authored By: Genisys Credit Union on 6/22/2022

Couple smiling while holding keys to new house

Picture this – you’re in the market for a new home, and you quickly find one that is perfect. It has all the features you’ve been dreaming about and seems to be in your price range. So, you put in an offer.

However, your excitement quickly turns when you discover that you were outbid or, worse, weren’t even given a chance to bid in the first place. Unfortunately, the current real estate environment is a “seller’s market,” which can quickly lead to a frustrating home-buying experience.

But all is not lost. You will find your perfect home; it just may require a little more work, patience, and understanding of how to navigate this type of market.

What is a Seller’s Market?

In real estate, a seller’s market is when home inventories are low, causing a spike in demand. You can typically identify a seller’s market when:

In contrast, a buyer’s market is when home inventories are high. The Great Recession of 2008 is a perfect example of a situation that created this type of scenario. Many homes went into foreclosure, causing the number of properties on the market to skyrocket. With more houses for sale and fewer buyers, home values dropped significantly.

Tips for Buying a Home in a Seller’s Market

There are strategies to help you navigate a seller’s market:

Buying a home in a seller’s market can be challenging, but it’s not impossible. With a pre-approval and an excellent real estate agent by your side, your new home isn’t far away. Be patient and stay within your budget. Knowing when to walk away from a home is just as important as making an offer.

If you’re ready to begin your home search, we’re here to help. Our Mortgage Consultants are available to answer all your questions. Our goal is to make sure you understand the home-buying process and are financially prepared to take on this next chapter of your life. 

© Genisys Credit Union and www.genisyscu.org, 2022. Unauthorized use and/or duplication of this material without express and written permission from this site’s author and/or owner is strictly prohibited.  Excerpts and links may be used, provided that full and clear credit is given to Genisys Credit Union and www.genisyscu.org with appropriate and specific direction to the original content.

 



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