I am not a realtor, a banker, a loan officer, a builder, an architect, or really anything to do with the housing market. So when my husband and I were selling our previous home and purchasing our new home, we asked for help. The housing market in Omaha is currently very much a sellers market. Buying a house is work. It sort of resembles a pack of wild animals fighting over the last piece of meat! Navigating this market is not something we could do alone. And to be honest, writing this article was not done alone either.
I sought the help of a wonderful friend and realtor.
According to my realtor friend Linda, the most sought after homes in Omaha are within the 100K-250K price range. In her experience, most homes within this price range, have between 8-12 offers within the first 3 days on the market. These homes are going for anywhere from 97-105% of asking price. This makes buying a home a challenge! Thankfully, Linda gave me her tips to navigate this seller’s market.
1. Find a Realtor
Buying a home in a seller’s market is all about quick decisions and reaction time. If you wait until an open house or until a listing is online, you may have already missed your opportunity. A realtor will know a house is available before it is listed online.
2. Prepare Financially
Make sure that you already have pre-approval from a lender and finances in order. This way when you find your dream house, you are ready to make a solid offer without having to wait for finances to fall into place.
3. Know Your Loan Options
Work closely with your lender so you know what is available to you. Make sure you evaluate all of your loan options. Find what is best for your family and financial situation so that you can afford to buy a great home.
4. Be Available
If you are a serious home buyer, you have to be available for a showing as soon as the listing is up. Even waiting until the weekend may cost you the home.
5. Be Decisive
You will have to be ready to decide quickly. There is not a lot of opportunity for second viewings, hemming and hawing, and wait and seeing. If you have found the house, you will need to put in an offer asap.
6. Determine How You Want to Win
With an average of 8-10 offers on each home, your offer needs to stand out. Your realtor can help you decide how to make your offer the best. Between paying more money to forgoing a home inspection, there are options.
7. Know Where You’re Willing to Compromise
Everyone has their “must haves” when buying a house. However, that must have list should look a little more like this:
- Must Have
- Would Love to Have
- Would Like to Have
- In a Perfect World Would Have
Know your priorities and know where you are willing to make a compromise and where you are not willing to compromise. But know that compromise is almost essential in a seller’s market and buying your dream home.
8. Reconsider Location
Decide if you absolutely need to be in a specific neighborhood or if you can look outside your desired radius. Look at school districts, distance to work, distance to relatives, or other important factors. If you can open your search radius, you will increase your housing opportunities.
9. Prepare to Lose
It is easy to walk into a house and begin envisioning your new life —family Christmases, birthday parties, etc. When you have your heart set on a home, it can be devastating to lose that home to another offer. In a seller’s market, buyers need to be prepared to lose a few houses before finding and buying their dream home.
10. Prepare to Walk Away
In a seller’s market, the seller has the upper hand. It is important to know your limits. Know what you are willing to compromise on and what you are not. Know your budget. Know where there is wiggle room. Prepare yourself to walk away rather than offering what you do not have or cannot afford.
