The real estate market in Frisco, TX is hot. In fact it’s not just Frisco, buyers all over the DFW metroplex are getting in bidding wars. What is surprising however is how quickly the market turned from a buyers market to aggressive seller’s market. It is common place in this market for Frisco, TX homes to get multiple offers on them in a short period of time.
This current sellers market is caused by a number of factors such as a lack of inventory and more buyers than normal due to the still low interest rates and the belief that these rates will only be going up in the coming months.
Although I work in the DFW metroplex, I have heard from realtors in other parts of the country that this is largely a national trend.
So what does the above mean for you if you are looking to purchase a home in Frisco, Texas?
1) Work from a foundation of sound info
To be successful and win the home, you need to amass an arsenal of information and use that as the basis for your negotiation.
- The market’s needs
- The seller’s needs
- Your needs
2) Start your house hunt lower than your top dollar.
One way to set yourself up for success is to house hunt in lower price ranges from the get go. This gives you the freedom to aggressively bid if you find a home you love, and even counteroffer without overextending yourself.
3) Save by offering more than asking.
If you find the mere thought of offering more than the list price exasperating, keep things in perspective. Know that today’s smart sellers are being very strategic and assertive, listing low to create an auction atmosphere and churn up multiple offers.
4) It’s not all about the $$$: Closing-ability is key.
Sellers care a lot about how likely the offer they accept is to close escrow. There are many ways to show off your ability to close during the offer process including:
- approval letters,
- proof of cash to close
- the professionalism with which the offer is prepared and presented
- evidence of your credit score
- choice of mortgage broker/professional
5) Minimize time pressures.
Because shelter is a basic human need, the prospect of having to move out, relocating to a new job, or moving to a new town without having housing in place can cause even the most nimble among us to feel ungrounded.
We are Frisco, TX home specialists. If you have any questions about real estate in Frisco, or any neighboring DFW communities, please fill out our contact form, or call 469-556-2393 for assistance.
|
|
|
