Last week we listed a Noblesville home that was on the market for exactly 5 minutes before we got a call from an agent desperate to show it. Six hours later, that home was sold - for $10,000 above list price. Almost overnight the Noblesville Indiana housing market has officially become a seller's market. Gone for now are the days of properties lingering on the market, price reductions, lowball offers and multiple counter offers. Noblesville homes in good condition and well-priced are selling as soon as the For Sale sign goes up, and for pretty close to full price - if not more. Fact: In the current Noblesville housing market, the buyer who hesitates has lost out.
Tips for buying a Noblesville home in seller's housing market
Get proof that you are qualified to buy a home. Before you even begin looking at homes, get pre-approved for a mortgage loan. A pre-approval letter from a lender shows that you are a serious buyer who is financially able to purchase a home. This will also help you determine how much you can spend on a home. A pre-approval letter submitted with your offer will make it more attractive than offers submitted without pre-approval verification.
Fine tune your "must-have" list. What is your bottom-line budget? Which neighborhoods are you targeting? How many bedrooms does your family require? Do you need space for a pool table? A fenced yard? Your list is really coming along! Now for the tricky part.... Which of these "must-haves" are you willing to compromise on?
Do some research. Learn as much as you can about any properties you will be viewing so that you can be prepared to write an offer quickly. The buyers of that home that sold in 6 hours (we'll call it the 6-hour sale!) literally sat in the driveway after their showing and wrote the offer. And it was a good thing they did, because there were several showings scheduled after theirs. You can bet someone else would have made an offer if they'd had the chance.
Make your offer a good one. Don't even think about writing a lowball offer, asking for closing costs, or including a bunch of contingencies. While the seller is contemplating how to counter your demands, someone else will make a better offer. Guaranteed. Not only did the buyers of the 6-hour sale write an offer before they ever left the property, they wrote it for above asking price AND called the listing agent to find out what closing date and other terms the seller wanted. By writing an offer they knew the seller would agree to without countering, they eliminated the possibility of someone else sneaking in and submitting a better offer.
Buying a Noblesville home in a seller's market is competitive business and may seem daunting, but with preparation and quick action, you won't be the buyer who loses out!
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