Home Buyers May 5, 2021

4 Tips for Buying a House in Our Strong Seller’s Market

Many buyers are scrambling to secure their dream homes, especially since we have such a strong seller’s market here on Bainbridge Island. Multiple offer situations have become very common. Additionally, our agents know of many situations in which buyers are waiving inspections or are outbid by price or by all-cash offers. Not to worry, our local experts are here to help. Here are four tips and insights.

1. Make Sure You Can View Homes Right Away

“Be ready to view homes ASAP so you don’t miss out on getting a showing appointment,” says Broker Diane Sugden.

Many homes are only on the market for a matter of days. They come and go quickly, so there is little time to debate. Make sure you are prepared to adjust your schedule as needed before you start looking at listings. Make a list of all of the neighborhoods/areas you are open to, as well as any must-haves and deal-breakers for you. This will save you time and help you view the right homes quickly with a focused approach.

2. Don’t Underestimate the Power of Local Experts

“Work with local experts! From your lender to your realtor to your closing escrow team. Professional history and work ethic are critical in crafting a strong offer where the seller can take comfort knowing their home will close on time, with no surprises,” says Susan Grosten, Managing Broker.

Undoubtedly, a real estate agent who knows the local market, the community, and the right vendors will be a tremendous help. They also have an established track record and are skilled negotiators. It’s not uncommon for experienced local agents to have worked with the agent representing the seller, which can be to your advantage. From lenders to home inspectors, home repair crews to community resources, local agents’ connections can help you in many ways. 

3. Get Pre-Approved Locally

“Get yourself pre-approved with a LOCAL lender. This will serve you well as the listing broker will want to assure their sellers that the buyer can close. Most agents prefer to work with a local lender who has a proven track record and is easily accessible,” advises Broker Diane Sugden.

Getting pre-approved with a local lender will help the sellers feel great about your offer. Taking this step can make a difference, especially since they’ll want to close as quickly as possible. 

4. Do Your Due Diligence

Make sure to really analyze different aspects of a property that you’re looking to buy. It shows you’re really ready to buy and can help distinguish you in a multiple offer situation. “In one instance, the sellers chose my clients because of the due diligence they did before placing their offer on the house. This pre-inspection gave my clients information on the condition and functionality of the home. Additionally, it gave the sellers confidence that my clients were serious, did their due diligence, and presented a solid offer,” says Broker Jenn Herrmann.  Sellers do not want to waste any time. Anything you can do to prove that you won’t pull your offer at the last minute will give them peace of mind. 

To learn more about our current market, watch our video below with stats from this year’s first quarter. For more in-depth information, read our First Quarter Market Review.