Right now, it is a seller’s market at Deep Creek Lake. What exactly does that mean? Here’s how Rocket Mortgage defines it: “A seller’s market arises when demand exceeds supply. In other words, there are many interested buyers, but the real estate inventory is low. Since there are fewer homes available, sellers are at an advantage. In a seller’s market, homes sell faster, and buyers must compete with each other in order to score a property.”
The pandemic created a surge in interest in the lake and mountain lifestyle. Our area is rural in nature with a lower population density. This makes social distancing easier. Also, more and more people are able to work remotely. Even after the pandemic subsides, remote will likely remain as a preferred work style.
This high demand is being met with historically low inventory. Right now, available lake area homes are very limited. Offers are being made sight unseen, and we are also seeing multiple offer situations.
If you are interested in Deep Creek Lake homes for sale, there are a few things you can do to better position yourself in a seller’s market.
Buyer Tips for a Seller’s Market
Get Pre-approved
Give the seller confidence that you are a qualified and motivated buyer. Getting pre-approved verifies your ability to afford a home loan for a specific amount. It shows financial security and gives the seller peace of mind that the sale will go smoothly.
Hire an Experienced Real Estate Agent
As your agent, I can give you a serious advantage when buying a home in a competitive market. With more than twenty years of experience, I have a proven track record in Deep Creek Lake real estate. I hear about listings as soon as they hit the market. In a seller’s market, things happen fast. I will keep you informed at all times.
Act Fast
In a seller’s market, a new listing can be snatched up within hours. That means you can’t always wait for a weekend showing. Whenever possible, make yourself available for showings. As your agent, I can also show you a listing via Facetime.
When you are ready to move forward, think about submitting an offer immediately. I can begin the negotiation process as soon as you are ready and can modify the offer if needed to expedite the process.
Place a Fair Bid
Don’t risk losing the perfect house by submitting a low offer. I can help you determine an offer strategy that is fair. You want to remain competitive but also be comfortable paying what you offer.
Make an Attractive Offer
There are a few ways to help your offer stand out.
- Consider putting down a larger deposit. It says that you’re serious about the transaction.
- Make things easy on the seller by agreeing to terms that make their transition easier.
- Be flexible with the closing date to accommodate the seller’s schedule.
Write a Personal Note to the Seller
This shows that you’re serious and emotionally invested in this sale. Tell them why you love the place and what you plan for the future. The seller may be glad to know their former property is in good hands.
Be Patient
Competition might be stiff right now. Stay focused and try to be patient. The right home is out there.
In Conclusion
No matter what market you’re shopping in, I can help you get into your dream home!
