Here are five tips to help buyers in today’s market.
Today I’ll share five key tips to help you buy a home in a red-hot seller’s market.
First, let’s define what a seller’s market in Sacramento looks like. Since the market rebounded in the third quarter of last year, home sales have increased. Specifically, over 5,400 homes closed in the first quarter of 2021, which was 7% higher than last year. Year to date, new escrows are 24% higher than last year. However, despite the voracious buyer demand, year-to-date new listings are somewhat subdued, tracking 8% lower than last year.
These metrics have left a paltry 15-day supply of inventory available for sale on the open market. That means if we continue to sell at this pace without adding any more inventory, we’ll sell out of everything in just two weeks. With that in mind, the question becomes, “Should you buy a home in this seller’s market?” My answer is yes, and today I’ll give you a few tips to help you succeed as a buyer.
Feel free to follow along in the video above or else use the timestamps below to navigate the discussion at your leisure:
1:39—Qualify for the lowest mortgage rate
2:37—Get pre-approved
4:08—Work with an experienced agent
4:57—Consider buying when it’s not a seller’s market
5:42—Pull out all the stops
7:00—Wrapping up the discussion
If you have any questions about today’s topic or anything else to do with real estate, don’t hesitate to reach out to me. I’d be happy to help you. Until then, happy home buying and selling!
