Those interested in purchasing a home in a seller’s market will likely find that more people are looking to buy than homes available. The heightened demand often means that multiple offers on a given home are made within days of listing, which drives up competition and price. 

“We have a lot of connections in the Houston area and my website offers clients a wealth of useful real estate information, including a database of homes you can search for just like an agent,” said Violet Gonzalez, of Violet Sells Realty - Century 21 Olympian. “Real estate is a big investment and I understand it can be overwhelming, especially if you’re trying to buy right now in this highly competitive market. One thing you’ll get with me is a personal relationship and a trusted advisor, so you can count on me to get the job done right.” 

Here are 5 tips home buyers should think about in a seller’s market: 

Get pre-approved for a mortgage. 

In a competitive real estate market, it is important to show the sellers that you are serious about buying a home. That’s why you should get preapproved for a mortgage to show your agent, the listing agent, and the sellers that you have already done the initial steps to get financing which will save time and reduce some of the stress in the process. 

Find an agent you can trust.

Once you have your pre-approval letter from a mortgage lender, you will want to find an agent that knows the area you want to buy in, whom you can trust to show you homes that are in your budget and who can move quickly when you’re ready to make an offer. 

Be prepared to make an offer quickly.

According to data provided by Zillow.com from April 2021 in the Houston Metro area, the average number of days between a house being listed for sale and it going under contract is only 28 days. That’s about half the time it took for a home to go under contract a year ago, in April of 2020. With homes going under contract so quickly, buyers should be prepared to make an offer “site unseen,” or at the very least make an offer the same day you see the home. Chances are, by the time you make an offer there have already been several others made. 

Don’t try to lowball your offer. 

In this market, it may not be the best idea to lowball or haggle on the price of the home. If a seller has already received multiple offers, they’re not even going to waste their time negotiating the price when they’ve received multiple offers at or above the asking price. So, interested buyers should look for homes that are about $15,000 to $20,000 under budget so you have room to bid up if you’re competing against other offers. 

Customize your offer to the seller. 

The best strategy for getting your offer accepted is to tailor it to the seller’s needs. While it is true that price is often the deciding factor, the emotional connection the sellers have to the home could play in your favor. Or, if the seller is looking to sell quickly or “as-is” then placing a bunch of contingencies on your offer isn’t going to bode well for you. If you’re motivated to buy, but the seller needs more time, for example, you might offer to let them rent for a month to find their next home. The more convenient you can make it on the seller, the better chances you have of getting the offer, especially if you’re not the highest bidder. 

Besides these tips above, home buyers would be best served by being a bit more flexible with the search. One rarely finds everything they're looking for in a home in less competitive markets, so you might want to consider expanding your search criteria or renting for a few months while you find that perfect home. But the key is being patient, but persistent; and, finding the right agent to guide you through the home buying journey. 

About Violet Gonzalez, Violet Sells Realty - Century 21 Olympian

Violet Sells Realty works with both buyers and sellers to guide clients and provide them with the most honest and detailed information, while also helping them make the best choice for their home and/or commercial property. It makes buying, selling, and leasing a hassle-free experience from start to closing. Violet serves zip codes 77000-77599. For more information, please call 713-570-6906, or visit violetsellsrealty.com.