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How to Navigate a Seller’s Market

Buying a home in a seller’s market can be challenging. There aren’t as many homes for sale, leading to higher prices and bidding wars. This typically gives sellers the upper hand.

That’s why it’s important for buyers to stick to their budgets and not to fall in love with homes that aren’t theirs (yet).

“Don’t overbid what you can afford, no matter how much you like the house,” said Ralph DiBugnara, a regional vice president at New American Funding. He is based in Edgewater, N.J.

Buyers should also get pre-approved for a mortgage early in the process. This helps buyers know how much they may be able to spend on a home.

In addition, sellers generally look more favorably on offers from pre-approved buyers because they are more likely to be able to get a mortgage.

Ralph DiBugnara NMLS # 19269