Is it a buyer’s or seller’s market?
September 08, 2015 | Posted by Vintage Oaks Realty | | Leave a comment
“Buyer’s market” and “seller’s market” are blanket terms that are used to define real estate market conditions. When demand outweighs supply and interest rates are low, like they have been for the past few years, the market may favor sellers.
The desirability of the Texas Hill Country has made the area a favorite location of buyers, and strong sales in Hill Country cities like New Braunfels and its favorite community, Vintage Oaks, have made it a consistent seller’s market. Inventory in the city is low and while smart planning at Vintage Oaks has led to regular homesite releases and the introduction of new-home offerings like The Reserve, buyers have been known to compete for large acreage and prime view lots.
So how do buyers set themselves up for success in a seller’s market? By following a few basic tips.
1. “Get mortgage prequalification or, even better, preapproval before you start shopping,” said US News.
“This helps you know what you can afford and makes your offer much stronger in the eyes of a seller.”
This is critical in a competitive market, where buyers can lose out on a property because they weren’t as prepared as the next buyer. It will also let you know how much you are qualified for, so you can zero in on properties that are within your budget.
2. Work with a quality real estate agent
Your agent can be the reason you find everything you’re looking for, or the reason you get beat out time and again on homes or never learn about listings that meet your needs. In a competitive market, you need every advantage, so make sure you choose an agent well.
“Successful, well-connected agents can use their networking skills to help find you homes before they hit the Multiple Listing Service (MLS) and make deals that work in your favor,” said Vicki Wernert of Vintage Oaks Realty. “Working with an agent who is experienced, professional, knowledgeable, and responsive is critical.”
When looking for the right agent, “ask friends, family and co-workers for referrals,” said US News. And make sure to “look for a full-time agent who works often in the neighborhoods where you’re looking.” Their local knowledge and resources can only help you.
3. Be realistic
You can set any budget you want, but if it’s out of line with what homes and homesites are selling for in your desired neighborhoods, you’ll just end up frustrated. Ask your Realtor for a report outlining recent sales in the area so you can make sure your expectations are in line with reality.
4. Make an informed choice
Get to know your target area so you are ready to make a move quickly once you find a property you like. If you’re wishy-washy about a home because you’re not familiar with the schools or don’t know what the commute is like, you could miss out while someone else is signing the contract. Likewise, if a popular acreage community is getting ready to release coveted wooded, view homesites, you’ll want to take a look at the lots before they become available to the public. That way, you’ll be able to pounce on the one you want as soon as possible.
US News also recommends you “visit neighborhoods you’re considering at different times of day. A neighborhood that’s quiet during the middle of the workday may be noisy and crowded at night and on weekends. Get out and walk the streets, talking to people who live in the neighborhood, visiting shops and restaurants and ‘trying out’ your desired location. Drive to and from work during commuting hours to get an idea of what a typical day might be like.”
5. Don’t buy a house you don’t love.
That goes for homesites too. Too much money is involved in a real estate purchase. If you don't love it, it’s probably not the right one.
For more information, visit Vintage Oaks Realty or click below to view area properties for sale.