Buying a home in a seller's market can be considered as entering into a competition where participants do their best to win the prize, which in Seattle real estate, is the success of closing a deal with the home seller.

In a seller's market, also referred to as hot market or rising market, there are a lot of buyers vying for a very small number of homes available. This puts sellers in a big advantage as they normally get numerous offers and the properties sell higher than the list price. There are, however, a lot of other factors aside from price so there are some things you can do to win in the competition.

The following are some tips you can follow to successfully close a deal to buy your new home:

• Submit a pre-approval letter from your lender along with your well-prepared purchase offer. This can help you a lot to have your offer accepted as it tells the seller that you're really determined to buy the home and at the same time, qualified.

• Hire a skilled real estate agent. One of the signs that an agent is good is that he is assertive, persistently exploring the marketplace and making contacts with other agents. This can put you in a lead and aid you in closing a deal to buy the home that you want.

• Prepare a pleasant purchase offer. Never include demands that may possibly make the seller annoyed or angry. For instance, if buyers normally finance the closing costs, then do not ask the seller to pay for such expenses; if a lot of buyers ask sellers to move out on closing day, then be kind to give more or less three days to leave, show the seller that you're different from everybody else.

• Offer the highest price you are willing to pay for the home. Sellers usually receive multiple offers so if you really want that home to be yours, you should determine the best offer you can give to the seller and do it. Never offer something lower than the listed price, thinking that you'll receive a counter offer. Keep in mind that such offers are almost always rejected right away.

• Pay a big earnest money deposit. This way, you can show the seller how serious you are about buying the home. It can also prove that you're all set to commit. It's advisable to pay more or less 3% down payment. If you give a small deposit, the seller may possibly feel that you do not have anything at stake and that you may change your mind about the deal.

• Make an offer to close the transaction right away. A lot of sellers choose to close in a period of 30 days or even less. It's advisable to offer a period of 21 days, if possible. A shorter closing time frame might be more essential for the seller than an offer for a higher price and may make you win in the home-buying competition.

Purchasing Seattle homes for sale can be very tricky, particularly if you're shopping in a seller's market where you have a lot of competitors for the house you want. However, if you follow these tips, you're very close to winning that dream home of yours.