8 Tips for Buying in a Hot Market
If homes are selling faster than that, say in mere days or weeks, it’s typically considered a hot—or seller’s—market. If homes are sitting for longer than that, it’s regarded as a buyer’s market.
Hot House Market Buying Tips
IBefore looking at homes, it might be wise to create a list of “must-haves” vs. “nice to have” items.
Listing Must vs Wants
Sellers eager to move on could be enticed to go with buyers who can act quickly
Sweeten The Offer
If a buyer can offer all cash for a home, this may be the thing that tips the odds in their favor of winning a bid.
Offer All Cash
There are lower risk contingencies people can waive, such as homeowner association contingencies, but there are also higher risk ones for buyers that could convince a seller to choose their offer.
If the house is right when it comes time for the best and final offer, buyers may want to consider trying to give it their all.
'Best And Final' Offer
A hot market may sound tough to enter, but there are a few ways buyers can stand out from the pack and, with luck, win over a seller.