Top Tips Every Buyer and Seller Need to Know in this Booming Market


Homes selling above asking price, countless offers swarming the same property, hip-pocket listsings shared only by word of mouth – it’s no secret that Dallas’ housing market is booming.

To help North Texans navigate these unprecedented home buying and selling waters, our experienced agents at Dave Perry-Miller & Associates collected their top tips that every buyer and seller need to know. Have a buying or selling question not addressed in this post? Call us and we’ll be happy to help you in any way we can!

 

Buyer’s Tips
1. Be qualified.  Pre-plan your financing by meeting with a mortgage lender ahead of time and receive a pre-approval letter that can be submitted later, when you make a written offer.

2. Act quickly.  In a hot market, taking time to see the house a second time or “sleeping on it” will likely cost you the opportunity to buy it.  When you see the house, even if your spouse or partner hasn’t had a chance to see it yet, and if it feels like “the one,” go ahead and submit an offer, because other buyers will be doing the same.

3. Offer a compelling price.  Sellers often price their homes based on historical sold data or appraisals, and in a strong market where prices are rising quickly, homes can sell for the listing price or higher. Study the sold comps, but also compare the house you want to other homes that are available, and ask yourself, “what price am I willing to pay, and at what price am I willing to lose the house?”

Seller’s Tips
1. Market to everyone.  You have the best chance of selling your home for the highest price by exposing it to the largest number of potential buyers. As soon as you take advantage of the MLS system, your home will be accessible to agents and buyers outside of the immediate neighborhood – and worldwide!

2. Respond and keep momentum.  There is an old adage that “time kills deals.”  A buyer’s interest is at a peak level at the time that they submit their offer, so keep the momentum going, choose the best offer, and respond in writing promptly.

3. Don’t be greedy.  Keep in mind that if a buyer offers your requested price and terms, you have won, so sign the offer and schedule the closing! Just know that when a property is offered for sale with educated pricing, it sells for what it is worth whether it is less than, equal to or more than the offering price.

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