Sit down, grab a beer and let’s chat about how to make you the strongest buyers you can be this spring. Reach out if I can help at all.
Hey everyone it’s Andrea Lutz with REMAX Acclaimed Properties. I was here to talk to you just a little bit today about the market conditions here in Bloomington Indiana. We have currently about 3.9 months of supply. That was the stat from February, and basically what that means is we’re in a sellers’ market. Anything under about six months of inventory is a sellers’ market and that means the advantage is on the seller. It makes it much harder for buyers to get in and actually take their time, think about things, and make offers that well … sellers have the power here. They’re getting more money, they’re selling quicker, and they have multiple offers. So I wanted to give you a couple of ideas on how you could prepare yourself as buyers to be strongest in the market.
I think number one, the first thing to consider is to go to a loan professional, somebody at the bank to talk to them about getting pre-approved for a mortgage. This is really going to make you, first of all, knowledgeable about what you can afford and what’s going to be comfortable for you, and it’s also going to allow you to put in a stronger offer. Having that pre-approval letter in your offer shows the seller that you’re serious. Number two, you know, putting in an offer on a home saying that, oh you have to sell your house first with a contingency, used to be a very common thing. And I’m not saying it’s not still common, but it’s definitely harder to win an offer with a contingency in there. So I would advise you to see if maybe you can get a loan without selling your house.
Maybe you can get a bridge loan, or you can get a loan without having to sell your home. If that’s not a possibility, and it’s not for a lot of people out there, I would suggest finding a buyer for your current home before making an offer on your next. And this is a very tricky juggling act. It’s never very comfortable, but if you go into that house and you say, “Listen I’m pre-approved, and I do need the money out of my house before I buy your house, but I have a buyer lined up and they’re ready to go.” It’s going to be a lot easier for that seller to find your offer favorably. Also, the other thing I wanted to mention, was just to be kind of ready to make a move. Things are moving very fast right now, and if you’re not kind of ready, like waiting at the hine and saying like, “Yeah I want that house. Let’s sign up right now.” You could really miss out.
So I would say be prepared. Be ready to jump on a house. If it looks really perfect for you, get in touch with your real estate agent as soon as possible, get in the house, have a look at it, and be ready to write an offer right away if it’s something that you really love. If you don’t, you might just miss out on it. So those are my three tips for being a savvy buyer 2018 in the spring here in Bloomington. It is nasty out right now. It’s raining and raining. Hopefully you’re out there watching some baseball, having some beer, and I hope you have a really good day. We’ll talk to you next time. Bye.