Tips To Get Your Offer Selected in the Current Market
How To Make Your Offer Competitive in This Market
The real estate market today is unlike any other market we've seen previously. Inventory is low, and sellers hold all of the cards during negotiations. Because of this, some buyers are throwing out as many offers as possible, hoping that one of them will stick. The buyers that are getting their offers selected, however, aren't utilizing this tactic. Those buyers that are sending winning offers are using a few different strategies to get their offers selected, and in this blog, I will go over some common strategies that winning buyers are using.
What a Winning Offer Looks Like
The buyers that are getting their offers selected all have one thing in common, they all know that in order to create the winning offer, they are going to have to make certain concessions. Sellers are receiving more offers on their homes than what was typical in previous markets, which makes the choice of what to include in an offer even more crucial. Here are a few things that winning buyers are including in their offer.
- Waiving contingencies
It's certainly risky to waive contingencies like inspection, appraisal, and financing, so be sure to deeply consider and understand the house that you are trying to buy when considering waiving any of these contingencies.
- Being competitive in price
With so many buyers fighting over the little inventory currently available, the list price has become the lowest possible price, and if you really want to win, you are more than likely going to have to go above the list price.
- Pre-Qualified or Pre-Approved
Being either pre-qualified or pre-approved is absolutely crucial in this market. Without being either pre-qualified or pre-approved, a seller won't even consider your offer. Having either of these approvals shows the seller that you have the finances in order to purchase the home.
- Keeping the offer simple
As mentioned above, sellers are seeing more offers on their homes than ever before, and offers that are filled with stipulations and asks concerning their home are not being considered in the slightest. If you really feel like a certain home is right for you, make sure that your offer is straight to the point and clear as possible to catch the eye of the sellers.
- Cash is always appealing
One thing that stays consistent throughout any real estate market, is that sellers love cash. The more money that you are able to put down, especially with a conventional loan, the more appealing your offer will be to the sellers.
- Considering the sellers' needs
Talk to the sellers as much as possible. Find out what is most important to them during the negotiation. While other buyers might have more competitive offers in their mind, if their offer doesn't address the main concerns of the seller and your offer does, you are more likely to be selected.
Work With a Realtor That Knows the Ins & Outs of the Market
One of the most important ways that you can get your offer selected that isn't mentioned above, is working with a dedicated real estate agent. Having a buyer's agent on your side during the home buying process can allow you peace of mind knowing that the right questions are being asked and that there are no mistakes during contract negotiations.
A source of joy in my life is helping people realize their goals. By representing a client as their buyer's agent, I am able to understand what they want in a home and work hard to help achieve those goals. I have lived in the North Metro Atlanta area for 30 years, and I know this market inside and out. If you are looking for homes in the area, feel free to reach out to me by filling out the contact form below, and I will reach out to you as soon as possible.