REAL TipS: BUYING

Buying in a seller’s market

If you’re a buyer in a seller’s market, be prepared to act fast. Get pre-approved for a mortgage and obtain a conditional letter of approval. You are in a much better bargaining position if sellers know up front that you qualify to purchase their property. A substantial deposit of earnest money will also help your offer if it’s competing against others. In a seller’s market, competition among buyers can be fierce. A larger earnest money check shows sellers you mean business.

You may also need to make some concessions to the seller. Being flexible about the closing date, move-in date and closing costs may determine if you – or someone else – are handed the keys.

Even in a neutral or buyer’s market, though you may have more leverage, there are things you can do to boost the likelihood of your offer being accepted. Make sure to discuss with your Texas REALTOR® what kind of market you are in and how to increase your chances of getting the property you want.

Texas Association of Realtors®