What does this mean to you if you are a buyer in this market?
First, don't fall in love with every home you look at with your agent, chances are good you may not get that house.
Second, if you are financing, you need to at least be pre-approved for more than the purchase price for a buffer, even better to be qualified with advanced review.
Third, if you really want the house, be prepared for multiple offers and the chance that you may need to pay more of the closing costs and even potentially offer above asking price.
Finally, be prepared to write a nice letter to the seller that indicates why you love the home so much and that you will take care of it going forward as well as they did while they lived there. If you need help, ask your Realtor to help you write the letter.
I hope this helps you navigate the terrain of a sellers market when you are buying. Just because it's a seller's market does not mean it's not a good time to buy. Not at all. This is a great time to buy. Just be prepared with the tips I've provided above and be sure to enlist the help of a qualified real estate agent early in you home search.
Next time on my blog, how to navigate a seller's market as a home seller.