How to Stay Competitive in a Seller’s Market
Summertime is the busiest time of year to buy a new home. With more people searching for a home, competition can drive offers and prices through the roof. Having a strong plan of attack when putting an offer in on a house can help you get into the home of your dreams, faster.
- Know what you will be preapproved for before making an offer
When you have preapproval from your mortgage lender, that let’s your buyer know that you are reliable for the amount you are offering.
- Come in with your strongest offer, first
In this market, if you try to low ball a buyer with your first offer, many times they won’t counter and will just move on to the next offer.
- Be flexible on closing dates
If you have some flexibility in the date you want to move into your new home, offer to let the seller set the dates. This can allow them to move at their own pace, making your offer seem easy and convenient!
- Offer a high amount of earnest money and a substantial down payment
Offering more money up front shows the seller that you are a serious and qualified buyer. As long as it financially makes sense for you, this is a great way to show your interest and stay competitive.
- Consider skipping an inspection if you are comfortable
This option is not for everyone. But if you feel comfortable about skipping an inspection this could be a way to entice the owners to choose your offer over others.
- Have your realtor ask what is important to the sellers in an offer
At the end of the day, the owners of the home want to choose a buyer with an offer that makes the most sense for them. For some it is about the money, others it is the ease of closing, for another it could be completely different. Having your realtor as what is important to the sellers before placing the offer could help your offer rank above the rest!
Talk to your realtor about how you will approach putting an offer on a house that you love. By creating a strong plan, you will be prepared to put your best foot forward. If you need help setting your plan or knowing what you can reasonably afford to offer when buying a home, reach out to one of our real estate professionals. We can help guide you through the process and help you feel confident about taking the next steps in your home buying journey.