Questions to Ask Before Buying Your Next Home

Competition
In a seller's market, it is common for buyers to find themselves in a multiple offer situation. While there are several strategies to gain an advantage, it is important to recognize that this is a likely scenario.

Selection Of Available Housing

It needs to be understood that during a seller's market, the number of homes that will be for sale will below. If a buyer has very specific housing criteria, buying a home during a seller's market may not be the best idea.

Interest Rates

Interest rates should be a big factor in whether or not to purchase a home in a seller's market. Currently, interest rates for mortgages are near historic lows, which make it a great time to purchase, even in a seller's market.

Price

Since there is normal competition in a seller's market and multiple offers, it’s important a buyer understands they may have to pay full price for a home and possibly over the asking price! If a buyer is looking to submit low ball offers to seller's, buying a home during a sellers market is probably not the most opportune time to be buying.