Dallas, Texas has been a seller’s market for the past couple of years. Starting with the low mortgage rates of 2020, followed by the migration of post-lockdown from larger cities such as LA, NYC, and Chicago. The seller’s market has never been so busy. We have seen multiple offer scenarios, offers far above asking price, and houses not lasting on the market more than 48 hours. We gathered a few important tips to keep in mind when buying a home in a Dallas seller’s market.
Write the seller’s letter.
Did you know building rapport can make or break a transaction in any field or industry? Yes, including in real estate and especially when buying a home in Dallas . Writing a letter to the seller where you are able to tell your story will take you miles further than buyers who simply place an offer. When you are competing for homes in a sellers market, this step is a no-brainer. The reason being, you need to find a way to stick out from the crowd and make your offer show up as the best one. In addition, a seller’s home more than likely means a lot to them, therefore, they want to make sure who they give it to will take care of it as well.
Get Underwritten upfront
Typically, buyers get pre-qualified before they find their dream house. This way, when you are on the hunt for your dream house, you know exactly what you can afford, and narrow down certain homes for you. To simplify the process this is how it should go: Getting pre-qualified, finding the house you love, making an offer, and then informing the lender your exact price.
Q: But what if you go back to your lender having found your perfect home and don’t get approved for as much as they qualified you for?
Unfortunately, this does happen every once and a while. After the lender takes a closer look at your credit, assets, debt-to-income ratio, etc. That’s where upfront underwriting comes into the picture when buying a home in Dallas.
Upfront underwriting makes the home loan process a lot smoother for borrowers. It allows you to know precisely how much you qualify for upfront. This way there are no surprises when you find your future home.
Have a strong agent
Working with an agent that understands the Dallas sellers market will determine your success in finding a home you truly love and find yourself living in for years to come. Therefore, It’s always best to listen to an experienced and trustworthy realtor’s advice. Whether you are looking to buy or sell, our team of realtors is here to help you find real estate success. The great difference about The Sharma Group is that we are here to put you first. You don’t have to be alone during your home buying or home selling journey. So don’t wait on the housing market to book your free consultation with us!