BUYING AND SELLING IN A SELLER’S MARKET Submitted by JESSICA WALLER Editors Note: This article is part of our Home and Garden series.
W
hen thinking of real estate, the first thing that comes to mind is, location, location, location. However, whether you are buying or selling, you first must consider the type of market you are in. Is it a buyer’s market with high inventory, low rates and moderate prices, or are you in a seller’s market where the opposite is true? Are there more buyers than properties to buy? Currently, in Johnston County, the housing market is in a strong seller’s control with no sign of shifting. There are not enough homes and a multitude of competitive buyers. What can you do to navigate as buyers and sellers? Be prepared.
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Find an agent who understands the market we are in. Know your conditions. Is the market appreciating from year to year or even month to month?
Have your financing in place. Getting qualified and pre-approval paperwork is key to making strong offers that will incline sellers toward accepting your offer.
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Be prepared to negotiate and to have disappointments. Just because an offer is accepted by the seller does not mean the home will appraise for the sale price. Prepare for a deposit that gives your offer a note of seriousness. Don’t expect to “get a deal.”
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