5 Critical Tips For Buying In A Seller's Market
Over the past few months, quality homes are being scooped up almost as fast as they're being listed - and for top price. Yes, it's a seller's market out there, which is great news if you're planning to list your home. Conversely, for those looking for a home, it can be frustrating and aggravating.
Frustrating as it may be, there's plenty of reason for buyers to stick it out until they get an offer accepted. For starters, interest rates are still at a historic low. And secondly, there are great homes out there if you act fast enough. So how can you successfully get that dream home in a seller's market? Here's a look:
1. Stay dedicated
Make sure that you know your must-haves for a home. Then, make sure you check for new listings daily. If any look good, make an appointment to see it that day. Don't wait, or else it will likely be gone. We get that it can be tempting to make an offer based on listing photos alone, but be very wary of doing this. Go out and see it - and do it quickly.
2. Start with your best offer
With some good properties being gone in a matter of hours, it's no time to try and low ball a seller. What's more is that the seller will be unlikely to even entertain the offer and counter it. Bottom line: Start with your very best offer on the property and give the seller something to seriously consider. Chances are your offer isn't the only one they'll be receiving. 
3. Make your offer unconditional
If you are in the position to make an offer unconditional, make sure you do down this path. Sellers & Agents prefer unconditional offers due to the speed and certainty the offer provides. Due to the current nature of lending in Australia, there are many hurdles buyers must jump through to attain unconditional finance approval, which can blow out the approval process and in some cases end up being unapproved.
4. Make a significant earnest money deposit
Generally speaking, the larger your earnest money deposit, the more serious of a buyer you are. And in a seller's market where you're looking for any competitive advantage over the others that are likely to make an offer on a particular property, a big deposit can serve as that advantage.
5. Stay patient
Like we said in the opening, a seller's market can be frustrating for buyers - so try to stay patient. The right home is out there for you, and good things come to those who wait.
