Buying a home is a dream for countless Americans. Owning your own home allows you to build equity in a property, support your family and potentially pass on wealth to subsequent generations.

But buying a home can be tough — and particularly in a seller's market, like the current one, where there are simply more prospective buyers than homes available.

Knowing how to effectively navigate a seller's market can make all the difference in ensuring that you're successful in your home-buying attempt. Not quite sure how to do that? No problem. Our team of Chapel Hill real estate experts have put together our top 5 tips for navigating this seller’s market for you, the buyer

1. Obtain a Mortgage Pre-Approval

Unless you can afford to pay cash, being pre-approved for a mortgage prior to delving into the home search process is essential. This is particularly true in a seller's market, in which you are unlikely to be taken seriously without proof that you can purchase a given home — and in an environment in which you will probably have to act quickly once you find the right property. 

2. Work With An Experienced Real Estate Agent

Working with an experienced realtor who understands your needs and advocates on your behalf can be essential in helping you find the right property. A great realtor will be highly informed on current market conditions, and persistently aware of new properties coming to market. He or she will also have a strong working knowledge of recent home sales prices, and can offer invaluable advice, particularly for first-time buyers.

3. Broaden Your Search

You may have your heart set on a particular town or neighborhood, and that's a great place to start. However, expanding out from your starting location — and considering nearby areas — may dramatically broaden your chance of finding the right home. You may be pleasantly surprised by what turns up, and having a slightly wider net can be essential in ensuring you find the right place for you, in a great location

4. Look For Homes Under Your Budget For Bid Up Room

A good strategy in any market is to look for homes that aren’t at the top of your spending budget. This allows wiggle room for bidding up, as well as a bonus fund for any remodeling or renovation projects you may want to tackle right away to truly make the home how you want it. 

5. Consider "Contingencies" To Woo the Seller

In a true seller's market, individuals selling a home may simply have their pick when it comes to the buyer. Offering "perks" may help demonstrate your appeal to potential sellers. This may include offering a short window for closing, or even waiving some (or all) contingencies. You should always be careful when making concessions, however, so as not to over-stress yourself. But don't forget that small amendments can make a big difference to a seller.

Find Your Perfect Home

Chapel Hill Realty Group has a wealth of experience in connecting buyers with their forever homes - and especially in a seller’s market. Our team is committed to assisting you through the process of researching, selecting and most importantly, closing on the purchase of your home. 

Contact us online or call our team directly at (919) 942-4149 today!