COVID-19 affected our lives in more ways than one this year. Some events went virtual to keep with physical distancing safety suggestions. Home offices became even more desirable as companies sent their employees home to work. Even the way homeowners sold their properties needed to change to fit in with current safety standards. But the real estate market continued to thrive. In fact, we are in a seller’s market right now. So, if you’re considering purchasing a Tulsa home right now, you might want to read these tips to make your home-buying process a little easier.
Shopping for a Tulsa Home in a Seller’s Market
Be Ready to View at All Times
When looking for a Tulsa home to call your own, you are going to run up against some competition. Yes, weekends tend to make the most opportune times to view homes for sale. However, other buyers look at them then, too. So, if a listing comes on the market during the week, make time to see it as soon as possible…even if that’s during the week. Don’t let a good prospect pass you by because you didn’t act fast enough.
Ditch Perfection
I’m sorry to break the news to you but a “perfect house” is a rare find. Even if you custom build a house from the ground up, you may find that you must compromise on some items for a variety of reasons. That rings even more true in a seller’s market where inventory tends to be scarce.
Create and Stick to a Budget
Sometimes, a Tulsa home receives multiple offers in a seller’s market. In the heat of competition, you might feel compelled to bid over your allotted budget. Stop. Take a breath. To avoid buyer’s remorse (or at least lessen the possibility of it), create a budget and stick to it…no matter what other buyers bid for a property. Nothing is worth the stress of trying to pay for a home you cannot afford.
Contingencies May Kill a Deal
You might have a current home you need to sell before you buy a new one. Maybe you need your loan approved before you purchase a new property. Or you looked throughout the property and see things you want fixed up before closing. In the past, these contingencies were par for the course. However, nowadays, some of these might lead a seller to look at other offers instead. Keep things like a home inspection contingency. But, if possible, ditch the others. Sell your current Tulsa home before looking for a new one. Pay for a short-term rental or move in with friends or family while looking. Get your loan underwritten before you put in an offer. Overlook cosmetic issues. Those can be taken care of later. Talk to your Tulsa real estate agent about which contingencies you can ditch and which you should keep when you write up an offer on a home.
Increase Earnest Money
Finally, if you really want a seller to seriously consider your offer, think about increasing the amount of your earnest money deposit. Usually, buyers front 1% of the purchase price to show how serious they are about purchasing the property. Sometimes, $500 to $1000 works just fine. But if you find yourself in a multiple offer situation, putting more into your earnest money deposit may signal to the seller how invested you are in the house. And that could be the point that tips the scales in your favor. Again, talk to your Tulsa real estate agent first to determine the appropriate amount to offer for your earnest money.
FEATURED TULSA HOME FOR SALE
Lori Cain, REALTOR®, Serving Midtown and the greater Tulsa, OK area. Call 918-852-5036.
[…] searched high and low for a Tulsa home. Finally, you found one. But when you submitted your offer, the seller said “no […]