With growing industry, blossoming urban districts, and fast growing communities, Orange County is a seller’s market. People continue to move in while far less are moving out. Short inventory has become the greatest issue and can is often considered daunting, but stay the course as opportunities do exist. Here are some tips to help you find the home of your dreams in a seller’s market:
- Put yourself in the best financial position possible – In today’s market, people are put in direct competition with one another for property. Create a strong offer and be willing to provide a good downpayment. In addition, pre-approval is nearly essential.
- Be flexible – Buyers in a seller’s market must be willing to prioritize what they need versus what they want. Purchasing patterns have changed over time and unexpected changes in a highly competitive market must constantly be considered. A great tip is to buy for your current, and near future, needs. Make a list of what are the highest priorities and what might be lower.
- Choose the right realtor – Make sure to find a realtor that matches your specific needs. A professional that knows the area is an equally important factor. You have a place in mind and a realtor familiar with location and local inventory can help you navigate a high demand market. Don’t fear regular communication and be willing to ask for advice. A realtor’s number one goal should be to work for you in your best interest.
- Prepare a realistic timeline – It is extremely important to create a timeline that can allow you to reasonably accomplish your goal of finding the right home. This can get tricky if you’re living in a rental or moving from outside the area. Consequently, you must begin your search in advance. Do not procrastinate as a hot market does not guarantee a closing in your favor.
- Act quickly – Expect to act fast when the supply is low and the demand is high. Time can regularly work against you in these type of conditions. As a result, you must have a game plan already established and prepare to act when something matches your wants and needs.
These are only a few tips to move you in the right direction. Most importantly, keep your head up and keep your eyes on the listings. Feel free to ask and we are always willing to help!