Nearly 3 out of every 10 homeowners are underwater with their mortgages today, according to recent report found on Zillow. A lot of sellers have been stuck at their current residence just waiting and hoping for home values to increase so they can leave. This spring is definitely a sellers’ market, so most homeowners will either accept a reasonable offer that will allow them to move and not lose out on too much, or wait it out to receive the best out of multiple offers from potential buyers.
That being said, most of these potential sellers are also looking to buy a different house themselves, with exceptions to those who choose to rent. These sellers will also want to benefit from low interest rates and might be tempted to throw in a low offer to see who will take the bait. But it’s safe to assume that sellers will feel empathy toward other sellers and what to do a quick, but fair, purchase in order to move as quickly as possible.
The best advice for buyers would be to find a home you really love and learn a little about the seller. Did the agent say why they were looking to move? Put yourself in their shoes and feel out the situation. Not all sellers are motivated by greed, and they might be very responsive to your modest offer, especially if they’re looking to get out quickly. If you keep these factors in mind when buying a house this spring, it will make the experience go much more positively.