In American real estate today, demand is high and inventory is low, overall in the nation. That meets the criteria for a seller’s market, but when you look at specific locations and foreign investors, some areas in America can be seen as a buyer’s market. In Frisco, Texas, for example, where the population is just 200,490, 5-bedroom homes for sale in Frisco are as low as $500,000. You’re just not going to see that in Miami or New York.
This is a good day for a pre-approved buyer looking for houses for sale in Frisco. There are homes like this all over America waiting for the right buyer. Here are some tips on how to close in what many consider a seller’s market.
Be a Foreign Investor
Foreign investors are winning in the United States real estate market for a number of reasons. The selling price is king for them here. In America, they might find a home at $200 per square foot today, which would cost them $1000 per square foot at home.
If you’re not from America, but wondering if you can make some cash in what’s considered a seller’s market, the answer is yes, in some locations.
Be a Preapproved American
If you’re not a foreign investor, talk to your bank before you talk to your realtor. Get a preapproval figure so that you know in advance exactly how much you can afford. Getting pre-approved for the mortgage is going to save you a lot of time and heartache when it comes to your real estate purchase.
With prices as low as they are in America today, it’s likely that listings will have multiple offers. Not all of them will be preapproved, and that’s a word that sellers like to hear when they are considering those offers.
Act Fast
When you see something you like move on it. This home may not be listed for long, and other buyers are thinking the same thing. If you are preapproved, it’s easier to act fast.
Keep the Offer as Simple as Possible
This is not the time to make the big asks that can make or break a deal. Don’t be tempted to waive contingencies either, like the appraisal or the inspection contingency. Sellers are hurting as much as buyers today, that is why they are selling.
Call a Realtor
Your realtor wants you to close as quickly as you do. There are ways that you can act fast without making big mistakes in real estate today. That’s what realtors do. They help you make sure that everything is done properly, and that you are making good decisions. Book an appointment with your bank and a realtor, and it may not feel like a seller’s market to you after all.