5 Tips for Millennial Buyers in a Seller’s MarketMichelle McQuade | August 23, 2018
Millenials are increasingly joining the real estate market. According to this Home Buyer and Seller Generational Trends Report, 34 percent of sales last year were made by millennial buyers.
A seller’s market, however, can be tough to navigate. Competition can get intense, and home prices might be higher than usual. If you are a millennial buyer, here are five ways you can still get your dream home.
- Follow the seller’s timetable.
We all have our own schedules. As much as possible, we want to follow them. But if you want to make it in a seller’s market, you might want to mull over following your seller’s timetable instead.
This can be challenging, especially if you have a strict schedule as well. But following your seller’s timetable can play to your advantage, especially if the seller is looking to sell his home at the soonest time possible.
As long as you are financially prepared to make the purchase, this is a path you should definitely consider.
- Get pre-approved.
Speaking of financial capability, another way to get a seller’s attention and trust is by getting a mortgage pre-approval. It says all the right things about you as a home buyer: you are serious and you are in good financial standing.
Getting pre-approved can take some time, however, so best do this before you shop for a home. You might also need to touch on other things, such as your credit rating, to help you obtain the loan that works best for you.
- Have realistic goals.
If you really want to snag a good deal in a seller’s market, set realistic goals before shopping for a home. For instance, look for neighborhoods you like and can afford. Determine the features you need, whether it be proximity to schools, a nice kitchen, or privacy.
Working with a local real estate expert also significantly affects your home buying experience, so work with one you can trust and specializes on the home you’re looking for. Most importantly, make a reasonable offer. If possible, go higher than the listing price.
- Know what you want.
As I have mentioned earlier, knowing what you want and being decisive about it even before you shop for a home works greatly to your advantage. Once you find the house that fits all your needs, don’t dilly-dally and proceed to make an offer.
Being indecisive in a seller’s market can decrease your chances of getting your dream home, with the housing inventory low and the demand for homes on a real high. When you know what you want, you can get it.
- Be a great buyer.
Buyers who are pre-approved and decisive are good, but you still can do more to become a great buyer, one that a seller might feel like he really knows and maybe even likes.
Aside from making a reasonable offer, make yourself agreeable and relatable. Share your plans for the house. Are you looking to start a family here? What are your interests? Put a face into that offer and write all of these in a genuinely heartfelt letter.
If you’re buying a home in your 20s, I have all kinds of tips for you. You can also contact me at 440-823-2448 or firstname.lastname@example.org if you need more advice or information about real estate in Cleveland, Ohio.