A seller’s market exists when there are more buyers and less inventory. We definitely have this going on around Oxford, MS as well as the rest of the country.
Buyers, therefore, need to be ready on the mark so they don’t miss out. Before looking for a new home, be prepared to actually buy. Here’s how:
- Get pre-qualified for a mortgage and have your paperwork handy. In fact, give it to your real estate agent. If you happen to decide to place an offer on a house and logistics require e-signatures, your agent will already have the pre-qualification letter on hand to submit with the offer. If you are paying cash, have a letter from your bank ready with proof of funds available.
- Hire a real estate agent. These professionals will see immediately when new listings are available and can get you a video preview (if you are out of town and can buy sight-unseen) or, can get you an immediate appointment to view the house.
- Be available when your real estate agent calls. Lingering over your schedule may cost you an opportunity.
- When you make an offer, limit your contingencies. Asking the buyer to wait for you to sell your house in a seller’s market may be unreasonable. They’ll sell it to the next person in line.
- Don’t wait. Even a house that may have a history of sitting on the market can be sold overnight in a seller’s market. There are plenty of reasons that house hadn’t sold quicker, such as financing falling through from a previous offer or damage repairs taking place from a storm. Don’t think that it will be there next week for you to decide on.
- Compromising on what you want isn’t a bad thing. You might have to look outside of your perfect location or go after a home that needs a little TLC.
If you are shopping in Oxford, prepare for sticker shock. Our home values tend to run a bit higher than the rest of the state. Keep in mind that chances are great that you will not find a 3 bedroom/2 bath “near The Square” for $250,000 or less. Talk to your real estate agent about the various neighborhoods that are in your budget and how far from The Square these are located. You might find a gem in your price range with easy access to football games, restaurants and shopping. I know of at least one condo association that runs game-day shuttles and the OUT bus (Oxford-University Transit) is also available regularly to help students and year-round residents get where they need to go.
So, ARE YOU READY to house-hunt?
Eileen Saunders, Realtor® with Tommy Morgan Realtors, 2092 Old Taylor Road, Oxford, MS 38655. 662-404-0816/662-234-5344 Equal Housing
Information Sourced from “Surviving a Seller’s Market: The Ultimate Cheat Sheet,” realtor.com® (April 7, 2016)