• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Conley Adventures
  • Home
  • About
  • Let's Connect
  • Home
    • DIY
    • NEW HOUSE
    • ROOMS
    • Home Building
    • Home Buyers
  • Family
    • MARRIAGE
    • MOTHERHOOD
  • Lifestyle
    • CLEAN LIVING
    • FASHION
    • Travel
    • RECIPES
  • Navigation Menu: Social Icons

    • Email
    • Instagram
    • Pinterest
menu icon
go to homepage
search icon
Homepage link
  • Home
  • About
  • Let's Connect
  • Home
    • DIY
    • NEW HOUSE
    • ROOMS
    • Home Building
    • Home Buyers
  • Family
    • MARRIAGE
    • MOTHERHOOD
  • Lifestyle
    • CLEAN LIVING
    • FASHION
    • Travel
    • RECIPES
    • Email
    • Instagram
    • Pinterest
  • ×

    Home » Home » Tips for Buying a Home in a Seller's Market

    Tips for Buying a Home in a Seller's Market

    May 4, 2021 by The Conley Family 2 Comments

    I think everyone by now has heard the phrase “it’s a seller’s market,” or “the market is hot right now.” The market lately has been crazy. There aren’t enough houses available for potential buyers because they are selling as soon as they hit the market. This trend has continued for a while, and it doesn’t appear to be ending anytime soon.  When  you set out to buy a home, whether it is your first or third (like us), it can be extremely overwhelming, especially If you aren’t prepared.  Today, we are sharing our top tips for buying a home in a seller’s market so that you can take that next step on your home-buying journey confident and ready! 

    We just wrote a post for first time home buyers, if that is you CLICK HERE.

    Picture of small house model and a key for a new home to symbolize buying a home in a seller's market

    1. Work with an Experienced Agent!  

    Buying a home in a seller’s market is tricky! Houses move quickly on and off the market. Having an experienced agent is a huge benefit.  Honestly, it is super important no matter what, but especially in a hot market!  Sometimes they have “insider” knowledge of a house that will be on the market soon that you can get first dibs on before it is listed. 

    An experienced agent will also help when you go to put in an offer. They can advise you on the best strategy to win the bid, and advise when to walk away. 

    It is common knowledge that the housing market often fluctuates and an experienced agent who is in-tune with the market trends may be able to help in predicting an upcoming market shift.

    As I mentioned in my previous blog, First Time Home Buyer Tips, A good realtor should:

    • Consistently communicate with you
    • Be willing to take you to multiple houses/open houses
    • Work with your budget and not press you to push your limits
    • Know the area you are looking in REALLY well
    • Have a great portfolio of houses they have sold in the past

    We love our realtors! Teresa and Vince are incredible and will go over every detail with you. If you are in the Columbus, Ohio area, reach out to them HERE. We also have many friends that use Sam and Craig Buehler and hear great things.

    aerial view of neighborhood full of houses for buying a home in seller's market

    2. Make your Best Offer, Fast! 

    In a seller’s market, if you really want the home, you have to put your best foot forward. That means taking a risk sometimes. Trying to go in under asking price, usually isn’t the best strategy.  If the home is priced well, which your agent should be able to tell you, then you will likely lose the house by going in under asking price. Click here to read more tips on negotiating in a seller's market.

    In Addition, sometimes there isn’t much time to process or think about it. The rapid pace of the market right now doesn’t allow for hesitation. You must act quick or risk losing out. Keep checking realtor and zillow as you wait.

    beautiful house lit up at night

    3. Look at Houses Below your Max Budget

    In a seller’s market, bidding wars are common. Bidding wars drive up the purchase price, sometimes a considerable amount. To counter this, look at homes slightly under your budget to provide a cushion in case you find yourself in a bidding war over your dream home.  In the end though, I don’t recommend stressing yourself out or your budget by going largely over your budget. You do not want to be “house poor!” If it comes down to a bidding war, and the price just continues to rise out of your comfort zone, I recommend walking away. Another house will always come around. I promise! To figure out your budget for a new house, we suggest using a mortgage calculator. This will at least provide a starting point!

    large open concept living room and kitchen

    4. Pre-qualified or Pre-approved

    When attempting to buy a home in a seller's Market, having a pre-qualification or pre-approval from the lender shows the seller that you are ready and committed. It also communicates that there won’t be a lot of hang-ups as you close the deal. It sends the message that you have done your homework, and are credible and serious about finding and purchasing a home. This article discusses the difference between pre-qualification and pre-approval, and provides additional resources.

    A beautiful open concept kitchen with large island, white cabinets, and black seating

    5. Be Flexible

    Unfortunately for the buyer, you might not get all the must-haves on your list. In a hot market, sometimes you have to settle a little to get into a new home.  You have to prepare yourself for this reality. Know ahead of time what you are willing to give up should you find a house that checks off other boxes on your must-have list. 

    It is also important to remain flexible when it comes to closing the deal. Attaching stipulations to your offer may turn the seller off, especially if they have multiple offers or viewings.  Since Sellers tend to have the upper hand, it is best to submit a clean and direct offer with no contingencies. However, I do recommend being flexible and accommodating to the seller. For instance, if they need to remain in the home for a certain amount of time or till a certain date, accommodate them if your situation allows it.  Find more advice HERE on buying a home in seller's market.

    neighborhood featuring homes in a nice community

    6. Consider Waiting …

    If this buying frenzy has you stressed and irritated consider waiting until the market slows down. It is extremely frustrating to continually view and fall in love with homes just  to have them ripped out of your grasp.  In many hot-spot areas, houses are receiving multiple offers their first day on the market.  Needless to say, the home-buying process can be very emotional. For that reason, if your situation is flexible, consider waiting. This post lists different items to consider when deciding whether or not to buy a home in a seller's market.

    On the flip side,  you could also consider staying in your home and renovating/updating it. I know this isn’t everyone’s cup of tea, but improving your current home is always an option and one I happen to love! 

    cropped picture from the waist down of a couple holding hands and paint brushes while standing on newspapers covered in paint for a home remodel

    If you have more tips you learned during your home buying process or have more questions about buying a home in a seller’s market, contact me!  You can also check out my other blog posts for tips on buying, building, or remodeling a home! 

    Remember, progress > perfection.
    Mason and Liz

    • 2021 Home Decor Trends | 8 Designs + Styles Trending Now
    • 10 Must Have Items When Building or Renovating a Home
    • Should you Buy or Build a Home?
    • Tips for Buying a Home in a Seller's Market
    • First Time Home Buyer: 10 Tips

    « First Time Home Buyer: 10 Tips
    Should you Buy or Build a Home? »

    Subscribe

    for our weekly emails

    Reader Interactions

    Comments

    1. Jason

      May 06, 2021 at 4:55 am

      Great article!

      Reply
      • The Conley Family

        May 11, 2021 at 6:21 pm

        Thanks Jason!!!

        Reply

    Leave a Reply Cancel reply

    Your email address will not be published. Required fields are marked *

    Recipe Rating




    Primary Sidebar

    Welcome, Y'all!

    Hi, welcome to our corner of the internet. We're the Conley family. We love all things home and family. We flip, build and decorate homes. DIY is kind of our thing.

    Our perfect night consists of grilling out, playing with our two boys, hanging with friends and finishing the night with a fire.

    We are ALWAYS up for a new adventure (hence the name of our blog). We love new projects, new places and new ventures.

    We are currently building a house from the ground up and taking YOU along for the ride. We hope you're up for the adventure!

    xoxo

    -Mason, Liz, Willie & James Let's dig deeper →

    Favorites

    We're the Conley Family

    modern white kitchen

    Modern White Kitchen: Ideas and Styling

    glass amber bottle diy multiple purpose spray on white counters next to sink

    DIY All Purpose Cleaner

    Copyright © 2023 Conley Adventures on the Foodie Pro Theme