Timing for homebuyers in a sellers market

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We are in a strong housing market. Demand for homes is high and supply is low.

During the buyers market, a decade ago, people who needed to move could look at houses months ahead of time, make an offer and get the sellers to agree to close a few months later.

In today’s market sellers can set the terms and most are looking to close soon. Starting the search too soon doesn’t work because the houses you look at today will be sold in a few weeks.

However, there are always houses for sale shown on the internet. Homebuyers can browse and get familiar with the market months before they actually start touring houses.

When there is a shortage of homes it is a good idea to start looking 60 to 90 days before you plan to move.

Buyers will need to plan ahead and be pre-approved for a mortgage and be ready to write an offer.

People who are renting should try to enter into a month to month lease with 30 days’ notice to move. Flexibility makes a difference and makes it easier to win in a multiple offer situation without having to go far above the asking price.

Plan on getting pre-approved for a mortgage four months before you need to move. Start working with a real estate agent three months before the move.

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