The pandemic has created an unprecedented seller’s market. With low inventory and increased property prices, it can be intimidating as a buyer trying to navigate a seller’s market, let alone as a first-time home buyer. However, don’t let a seller’s market cause you to put off your homeownership dreams.

With the right steps in place, you can still have a smooth and enjoyable home-buying journey, even when setting out to buy a property for the first time. To help you better position yourself for success, experts offer the following advice for consumers to consider before jumping into house hunting:

1) WORK WITH AN EXPERIENCED REALTOR

As a first-time home buyer, it is essential that you work with an experienced real estate professional who has a track record with first-time home buyers. On Staten Island, this means reaching out to a Realtor member of the Staten Island Board of Realtors® (SIBOR).

A Staten Island Realtor can help educate and prepare you as a first-time home buyer by providing you with educational resources, and being there for you to answer questions and guide you through the entire home-buying process.

Look for a Realtor you feel comfortable with, so you can build confidence and have open communication throughout your journey to homeownership. Let your Realtor know your needs, so he or she can show you properties that best meet your criteria. Realtors can even send you virtual tours to help you safely see more properties at your convenience.

2) GET PREAPPROVED

It’s wise to shop around to compare mortgage rates offered by various lenders, and one way to get ahead in the home-buying process is to get preapproved for a mortgage.

Getting preapproved will demonstrate to the seller that you are serious and have the financial means to make a strong offer and purchase the home in comparison to other buyers. Having your preapproval letter handy can get you a head start and allow you to submit your offer right away if you feel the property is right for you.

3) MAKE A STRONG OFFER

If you are serious about a home, and don’t want to lose it, it is critical to put forth a strong offer upfront. Low inventory often leads to bidding wars, and the property price can increase well above the initial asking price in the process.

To diminish the chances of entering into a bidding war, it is important to act fast. Thinking about your purchase for too long may prevent you from getting the home of your dreams. Homes do not stay on the market long, so you should try to put in your offer quickly – and make it a strong one if you feel the home is right for you.

4) WRITE AN OFFER LETTER

When there are multiple offers on a property, the chances of the seller seeing you as the favorable buyer may come down to the offer letter. Be sure to put time and consideration into drafting your offer letter.

Be passionate and sincere, and demonstrate to the seller why their property is for you. Perhaps it is because you love to garden, feel the outdoor space is perfect for your fur babies, or you envision raising children in the home. Whatever it may be, voice and communicate these reasons to the seller at the time of the offer.

An offer letter can set you apart, make all the difference in your home-buying experience, and ultimately help to solidify your dreams of becoming a homeowner.

IN A NUTSHELL

Navigating a seller’s market as a first-time home buyer does not have to be overwhelming; the process can be an exciting milestone in your life. With the right knowledge, resources, professionals, and a solid game plan, you can begin your first home-buying journey with confidence.

The information contained, and the opinions expressed in articles, videos, or infographics posted or shared by the Staten Island Board of Realtors® (SIBOR) are not intended to be construed as investment advice. SIBOR does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. SIBOR will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.