In 2020, the COVID-19 pandemic upended the spring home-buying season, driving buyer interest into the usually slower fall and winter months. But in 2021, the housing market has found its footing and
How to Succeed in a Seller’s Market
Dated: February 3 2021
When there are a limited number of houses for sale, it can be challenging to not only help your clients find their dream homes but also get an accepted offer. To help your clients find homes and make your business thrive in a seller’s market, consider the following tips:
GET YOUR CLIENTS PRE-APPROVED
This is huge in a competitive market because many sellers are getting several offers on their house; a pre-approval will automatically differentiate your clients from the pack. Plus, because the pre-approval process includes filling out a mortgage application, there’s a better chance of closing on time.
CONSIDER PLATINUM CREDIT APPROVAL
If your clients are looking to take it one step further, they may benefit from a Platinum Credit Approval. This is just a more in-depth look at their application and documents (with a full underwriting process). This will allow your client to close even quicker, in addition to a whole list of other benefits like the ability to lock in an interest rate and shop for a home or present the next best thing to a cash offer.
BE READY TO ACT FAST
Many entry-level homes are snatched up quickly, so your clients need to be ready to give the best offer fast. Counsel them so they’re prepared for this — you’re the expert, after all!
DISCUSS FINANCIAL FLEXIBILITY
To help you act fast, it’s beneficial to go over all the “what ifs” in advance with your clients. With so few homes on the market, your client may not put the highest bid on a home. Are they willing to go higher? Have this conversation with them sooner rather than later.
GO OVER INSPECTION RESULTS
Discuss the possible inspection results ahead of time. If there are repairs needed, will your client be willing to handle them or will they request that the seller covers them? Having a game plan in place is the best strategy.
What items are non-negotiable for your clients? They may need to be more flexible if they want their offer to be accepted. It will help you point them in the right direction if you know what exactly their must-haves are.
For more information visit AdvantageTeamMN.com or call 612.351.5700
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