How to Navigate a Hot Seller’s Market as a Buyer

How to Navigate a Hot Seller’s Market as a Buyer

  • Ann Howarth
  • 03/4/22

Competitive markets can be intimidating, especially those in which sellers have the most power. It can feel like you’re fighting just to look at many of the Oxnard luxury homes for sale, let alone win a bidding war for one. If you need a little help coming out on top in this overwhelming scenario, there are plenty of ways you can set yourself up for success.

Tips for navigating a hot seller’s market

Get prepared before you search

Before you even step foot into any Oxnard real estate, you have to prepare yourself. You’ll need as many resources as possible at your fingertips to make sure you get the property you want. One of the best things you can do before starting your home search is to hire a real estate agent like Ann Howarth. As much as you might think you can take care of everything on your own, navigating any market is difficult without a professional. And considering we’re in a competitive seller’s market, the right real estate agent is all the more vital.

Other than enlisting professional help, you still have some personal prep to do before you get started. For one, you should keep your evenings open for housing tours because the perfect house might show up on the market at any time (and disappear) just as fast. While the national average Days on Market (DOM) for the summer of 2021 was 36 days, a competitive market like Westport could see that number as low as seven days.

You should also do some research on your local market specifically. You may want an $800,000 house and be prepared to pay that price, but think twice — $800,000 homes in Oxnard are going for $900,000 or more. If you keep track of the difference between the asking price and purchasing price of a few competitive properties a few months before buying your own home, you should get a good idea of what you might need to pay.

Be ready to buy

The second you’re ready to go on tours to find your dream house, you also need to be prepared to buy. If that sounds dramatic, you’d better strap in for how intense exploring Oxnard luxury homes for sale can be.

So before you book that first home tour, make an appointment with your mortgage lender. Even if you don’t find the dream home for another month, being pre-approved for a loan gives you the tools to get your home on the spot if you need to. Otherwise, the house you want might be off the market already by the time you get approved.

Also, be careful with your budget range. While your mortgage lender may say you can purchase between $800,000 and $1 million, if your dream house is $1 million in a seller’s market, there’s a good chance you’ll need to bid at a higher price to snag the home. You’ll be better off looking at homes lower in your budget range, so you’ll have a better shot of winning them.

Narrow down your style

As you look for houses, take note of what you like and don’t like. Maybe you thought you’d love a pool, but you’ve realized they’re just not ideal for your lifestyle right now. Or perhaps you despise two-story houses after years of walk-up apartments.

Buyers see roughly an average of ten properties before they narrow in on what they want. Making a note of your likes and dislikes will help you and your agent narrow your search and avoid real estate burnout. It should help you get to a place where you only see properties that you would buy. Ready to start your search? Browse Oxnard homes for sale.

Stay flexible

Everyone wants to look for their dream house, but considering the demanding Oxnard real estate market, know that you may not get everything on your wish list — including your dream price. Be aware that most houses you find will likely sell over the asking price.

Because of this, the houses you can afford might not have your perfect dream bathroom or the right size pantry. That’s okay. If you do go lower in your budget, it could mean that you spend any spare money on renovating your house to get those perfect additions. After all, it’s easier to turn a good house into your dream home than wait for your perfect property to appear.

Interested in Oxnard real estate? Browse current listings.

Don’t make deals

As much as everyone loves a good deal, house-hunting in a hot seller’s market is not the place to find one. In a competitive market, you won’t have the time to play the haggling game because another buyer will likely be willing to make a higher offer. If you really want a house with multiple interested parties, your realtor may encourage you to start your offer at 1%-3% over the asking price.

Now, does going over the asking price mean you might end up in a bidding war? Absolutely. So as you’re looking for Oxnard luxury homes for sale, just make sure you — and your agent — are ready to do so. It’s okay if the house is worth paying a little over the asking price but isn’t worth a bidding war.

Be ready to lose

If a house you’re interested in has lots of bidders, the unfortunate truth is that your offer might not make the cut. Remind yourself that just because you fall in love with a house doesn’t mean you’ll get it. Sometimes you’ll win your favorite on your first try. Other times, especially with how competitive Oxnard real estate can be, it’ll take several bids before you can secure a lovely home. It’s all a process, and while that’s hard, as long as you’re prepared, you should eventually score the home of your dreams.

Need help navigating the seller’s market in Oxnard?

While you won’t win every property you bid on in a seller’s market, you can still come out on top by following these tips and picking the right partner to help you through the process. If you’re ready to move forward and start your journey to find the perfect property in Oxnard, contact Ann Howarth for expert guidance throughout the entire process.

Work With Ann

With unparalleled industry knowledge, experience, and local expertise, I'm the Oxnard, CA Real Estate expert you've been looking for.

Follow Me On Instagram