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How to Buy a House in a Seller’s Market

If you’ve spent any time looking for houses in the past several months, you know that the market is currently in the seller’s favor. Houses are flying off the market and it can be very frustrating for a potential homebuyer to find what they’re looking for and beat out the competition in order to secure their dream home. Our team at GVC Mortgage wants you to succeed, so we’ve put together a few ideas to help you survive this seller’s market and get you into your dream home.

How to Buy a House in a Seller's Market

Get a Leg Up

In any market, cash is king. But in a seller’s market, cash is even more valuable in making your offer stand out above the rest. Of course, many of us aren’t able to submit an all-cash offer, but the more cash you can save up for a down payment, the better. Additionally, you definitely should get a pre-approval so that you’re able to close faster and with less stress. These factors will help you look more attractive as a buyer.

Be Patient

We understand how tempting it can be to stretch your budget in order to secure your dream home. In this market, it can be difficult to find exactly what you want at your price point. And when you do, you feel the pressure to beat out other buyers with a larger offer. However, making your mortgage payment each month without breaking your budget is always going to be the better option. Take heart, your home will come.

Consider Other Options

Sometimes, circumstances don’t allow for patience and it’s time to consider other options. Maybe you were previously renting and you’re up against a lease expiration deadline. If existing homes aren’t working out for you and you’re running out of time (or patience), give new construction a try! New construction can sometimes end up being cheaper than an existing home and you get the added benefit of a home warranty. Other options to consider: widening your search area or getting a good deal on a foreclosure.

Now that you know how to survive this market, let us help. As a local Indianapolis, Indiana, company, we build our relationships with home purchasers by walking them through the entire loan process. So give us a call today at (317) 564-4906.

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