5 Smart Strategies for Homebuyers in a Seller’s Market

Depending on where homebuyers are looking, some Florida markets are now seller’s markets, meaning there is a housing supply shortage so you need to deploy smart strategies in order to secure a new home.

Here are five smart strategies that homebuyers can use now to increase their odds of landing that dream home:

Get preapproved for a mortgage loan. Getting preapproved by a lender not only lets you know how much you can afford to pay for a home, it also gives you the ability to make offers quickly. If you are in a competitive bidding situation, it may sway sellers to accept your offer because you are preapproved.

Stay in your price range. In a seller’s market, it is best for buyers to shop within or a little below their price range, in case you get into a bidding war. It may also enable you to pay your own closing costs, which is more attractive to the seller. Shopping above your price range in a seller’s market will only lead to frustration, since the seller may have no motivation to negotiate on price.

Be flexible. No home is perfect and you will never get everything you want in a home unless you build it yourself. Try to look past the outdated appliances and ugly carpet and look at whether the house has potential after you add your own touches to it.

Make a good impression. Give your agent good input on exactly what you want, or don’t want, in your new home so you don’t waste their time or yours looking at homes that don’t meet your needs. When you do find a home you like, write the seller a letter to include with the offer and tell them why you love their home. This can put you on top in a bidding war.

Be prepared. In a seller’s market, you should be prepared to see new listings as soon as the agent brings them to your attention. If you find one you like, be prepared to write an offer right away.