How to buy your home in a sellers market

The market has changed, in case you didn’t notice all the news headlines indicating such. Record low inventory, record low interest rates, and a recovering employment market are making this one of the best home seller’s markets in recent years with Leesburg, Ashburn and Reston being some of the hottest in the nation. So, how do you get in on the action without overpaying or worse yet losing your dream home? Here are my top suggestions on how to buy your dream home in today’s seller’s market.
 

1. Hire a local Realtor. I know a lot of folks out there question the need for a local Realtor with real estate websites like Zillow, Trulia and others making information so widely available. Well, local Realtors not only know about the listings that are listed on the internet but in many cases know about upcoming listings before they hit the market. They also in many cases know those tiny details about a builder or neighborhood that you are just not going to easily find online.
2. Know thy neighborhood. Every single neighborhood has its own micro-economy of supply and demand. For example, in my area, Belmont County Club, Lansdowne and Woodlea Manor are neighborhoods that have a very slow turnover rate causing many homes to sell fast and for higher than asking price.
3. Think clean. When writing an offer try and keep your contingencies to a minimum. When you do have contingencies make sure they end very quickly and are not going to drag on for weeks on end. Most sellers want as quick a settlement as possible (30-45 days is typical) with the least amount of strings attached.
4. A little background information is nice. Write a short note about yourself and attach it to your offer. Most homeowners want to know that their home is going to folks who are going to enjoy it as much as they did.
5. Do your homework! I know, I know, nobody likes to do homework and after all isn’t that why you hired a Realtor? You can never be too careful in this business. The more you know about a neighborhood, your Realtor (hint: Google your Realtors name and look them up in your state’s professional standards board), and the market conditions in your area the better shot you’ll have of writing a winning offer. The first time!