What is a Seller's Market and How do I Buy a Dayton Home During One?
If you are just entering the Dayton real estate market for the first time this year during 2021 you may feel it is a bit frenzied and crazy, because in some areas it can be. Right now the Dayton/Central Ohio/Columbus area much like the entire rest of the country is in a seller’s market.
What is a seller’s market?
The term seller’s market is used in the real estate world to describe when the housing market is in a state where the seller has the upper hand when it comes to negotiating the sale of a home. Currently what is driving this seller’s market is a high demand from a large number of buyers and a low inventory of homes for sale. In other words there are much more interested buyers than homes currently for sale giving sellers the upper hand.
Tips for purchasing a Dayton or Columbus home in a seller’s market
Though a seller’s market brings much more competition and a bit of a challenge for a homebuyer it does not mean that a home buyer should completely give up on purchasing a home in Ohio that they love. Here are some tips for buying a Dayton or Columbus area home in a seller’s market:
Check and know your credit score: your current credit score and your recent credit history can help to determine how you stack up against other buyers and what you will qualify for in a mortgage loan. Knowing your current credit score and your detailed credit history report will help you to fix any errors that may be a negative impact on your credit score as well as help you to know how you might qualify for a mortgage.
Interview real estate professionals: having just the right buyer’s agent on your side is key to being successful in such a competitive real estate market. Not every buyer’s agent is going to work with the same expertise or strategy to help get their clients into a home. For this reason, you want to make sure that you are getting the most experienced, knowledgeable, personable agent that you can. One that specializes in real estate in the area in which you would like to live. It is a good idea to talk to more than one agent to make sure that you are finding the one that best fits your needs.
Seek pre-approval from the right lender: one way to help you get a competitive edge over other buyers putting in offers on a home that you are interested in is to show the seller that you are already preapproved for a mortgage loan. This shows that you have a much higher chance of your loan approval and the sale going through. Much like with a real estate agent you want to make sure that you are looking at several lenders and mortgage products to find the best fit for you. Once you have the right lender and preapproval you are in a much better spot to make an offer on a home.
Know how to make a solid offer: in a competitive market where sellers are often getting more than one offer on their home, it is now more than ever crucial and important to present a strong offer. Your expert buyer’s agent can help you to draft the strongest purchase offer on a home to help you have better success at winning out against the competition.
With the right agent on your side and a little bit of mental and financial preparation navigating today’s seller’s market in Dayton and Columbus can be much less stressful. For more information on real estate in Dayton or Columbus and surrounding areas please contact us anytime.