Competition for homes is brutal right now.  In last 12 months in Central Mississippi, the median price for homes has increased 13.4% and the inventory of homes has decreased 29.9%. If you are serious about purchasing a home, time is of the essence. Here are some tips for getting a leg up in a seller’s market:

·         Get details on the home from your REALTOR before touring the home: property disclosures, market value, property reports, etc. Make sure there is nothing in those reports that would make you rule out that home.

·         Have proof of funds and/or a preapproval letter ready. Sellers are likely to dismiss offers from buyers that cannot produce evidence that they can purchase the home.

·         Keep your offer simple. Most offers include contingencies such as the home inspection. Sellers tend to see contingencies as opportunities for the deal to fall apart.

·         Start with a strong purchase price. When you are competing with multiple offers for a home in a hot area, you need to put your strongest offer out there. Offering below market value will have your offer dismissed.

It can be a bit overwhelming to purchase a home in a highly competitive market. The agents at Right Size Realty know the market because we monitor it multiple times each day. Don’t go it alone. Reach out to one of our agents for help.

References:

Knight, H. (June 14, 2019). 5 Tips for buying in a seller’s market. Opendoor. Retrieved from: https://www.opendoor.com/w/blog/buying-in-a-sellers-market-tips

Market Heartbeat. (December 2020). Central Mississippi MLS. Retrieved from: https://cmr.realtor/media/3298/cmrmls_mmi_2020-12.pdf