If you’re a buyer in the current real estate market, you know the competition is tight! I always prepare buyers that they will most likely need to write a few offers before they land an accepted offer. This is tough. Buying a home is emotional, but buyers need to understand that with such tight inventory, they may not win the first house. With low inventory and high demand, it can be difficult to stand out and win accepted offers. But don’t worry, there are strategies you can use to increase your chances of success.
First, it’s important to have your finances in order. Get pre-approved for a mortgage and have your down payment ready. This will show sellers that you’re serious and financially stable. You will need to share your pre-approval letter when you submit an offer.
I will help you find properties that meet your criteria and offer guidance on making competitive offers. I spend hour searching for properties and many times I am able to show properties to my clients before they are listed. I following the market values for homes in our area so I can guide my clients to make a competitive offer.
When you do find a property you like, be prepared to act quickly. In a hot market, you may only have a few hours to make an offer. Make sure you have seen the property and are ready to make an informed decision.
Consider offering a higher price than the asking price, but be careful not to overextend yourself financially. I will help you determine a competitive price based on comparable sales in the area.
Finally, be flexible with your terms. Consider offering a shorter closing period or waiving certain contingencies, such as the inspection or appraisal, to make your offer more attractive. It is important to learn what aspect (aside from price) is most important to the seller. I will always call the list agent to talk through what is most important to the seller. It’s not always just the purchase price!
Winning accepted offers in the current real estate market requires preparation, speed, and a willingness to be flexible!