When home inventory is limited and buyers are plentiful, standing out from the competition is key. For prospective buyers looking to secure their dream home in a seller’s market, preparation and strategic moves can make all the difference.
Gina Walsh, Vice President and Senior Loan Officer at Peoples Bank, offers insight into how to position yourself for success in this competitive market.
Get pre-approved and know your budget
One of the most effective ways to distinguish yourself as a buyer is by getting pre-approved for a mortgage.
“Pre-approval shows sellers that you’re serious and ready to act,” Walsh explains, noting that at Peoples Bank, this process is designed to be straightforward and streamlined.
The bank evaluates income, assets and credit to determine how much a buyer can afford, providing a letter that confirms their buying power.
“A pre-approval letter establishes a relationship with your loan officer and helps you know exactly what you’re comfortable with,” Walsh says. This clarity not only gives the buyer confidence but also reassures the seller that there won’t be any unexpected financing issues down the road.
In a market where homes can go under contract in a matter of days, or even hours, being pre-approved gives buyers a distinct edge.
“You don’t want to scramble when your dream home hits the market,” she adds. “If it’s your dream house, it’s probably someone else’s too.”
Work with an experienced real estate professional
Having a trusted real estate agent by your side is also crucial to finding success in a seller’s market, Walsh says, highlighting the importance of working with someone who understands the emotional and financial weight of the home-buying process.
“Buying a home can be an overwhelming, sometimes invasive journey,” she admits. “An experienced professional can guide you through the process, keeping you focused and informed.”
Real estate agents help identify suitable properties but also assist in crafting compelling offers and navigating negotiations.
“This is the biggest purchase you’ll ever make,” says Walsh. “Having someone who knows the ropes can make all the difference.”
Be prepared to make strong offers
In a hot market, hesitation can cost buyers their opportunity. “If you see a house you love, you need to be ready to act fast,” Walsh advises.
“We listen to our buyers and make sure they’re comfortable with their payments,” she says. “We don’t want to put anyone at risk by pushing them into a deal that isn’t right for them.”
Stay educated and resilient
Walsh encourages buyers to stay informed and resilient throughout the home-buying process. “Educated buyers are more prepared to handle the fast pace of a seller’s market,” she explains.
“Know what you can afford and be ready to make an offer when the right house comes along.” She also advises sitting down with a loan officer early on to talk through the process so there are no surprises.
“You’ll be getting a lot of people contacting you – agents, sellers, loan officers – so it’s important to stay organized and know who you’re dealing with,” Walsh notes.
For buyers who have questions along the way, Gina Walsh serves as a Senior Mortgage Loan Officer in Skagit and Island County and is available to help. She has worked in the banking industry for 27 years and has years of experience in banking having worked her way up from a teller to a real estate loan production manager to now, a mortgage loan officer. She strives to create a great lending experience for her customers. Get in touch with Gina via email at gina.walsh@peoplesbank-wa.com or by phone at 360-404-5757.
For more general information, visit peoplesbank-wa.com.
Originally published in Whidbey News-Times
Equal Housing Lender