Searching for a new home in a seller’s market can be a unique experience for buyers looking to upgrade their homes. On the one hand, they are likely to get a higher price from the sale of their own homes. On the other hand, they are more likely to pay a premium for their new homes. The buyers can also face difficulty in being able to secure a contract for a new home due to the number of buyers in the market and a shortage of inventory. Seeking the help of Real Estate Offices in Jersey City NJ can help those searching for a new home navigate a tough market.
Where to Start
A Realtor will want to start by assessing the current property their client wishes to sell. The seller will want to know an estimated range to arrive at a fair listing price. This will give the seller an idea of how much to expect from the proceeds of the sale. If the seller has an existing mortgage, the potential proceeds can provide an idea of how much house he or she can afford. For example, if a seller has a $100,000 balance on the mortgage and can expect to sell the house for $300,000, the estimated proceeds before real estate commissions are $200,000. Proceeds from the sale of an existing home provide a buyer with a larger down payment on a new home, which decreases the amount he or she needs to take out on a new mortgage.
As Real Estate Offices in Jersey City NJ can advise, a seller’s market means certain properties can be subject to bidding wars. This means two or more buyers may offer a seller above-list price to be able to purchase the home. Potential buyers will want to Browse our website for available properties, consider if they are willing and able to offer above list price if needed, and be prepared to view homes before open houses. Buyers will also want to put in an offer as soon as possible if they decide they want to move forward.
Purchasing a home in a seller’s market can mean not getting the first, second, or third home a buyer is interested in. They need to be prepared to enter into a contract quickly and offer above list price. It may take more time to find the right home, but it is possible.