Tuesday, April 10, 2018 / by Sherry Wheeler
How to be COMPETITIVE in a Competitive Market
Does low inventory have you worried about getting you into your dream home? That’s what I’m here for! Following these guidelines will help strengthen your position in a seller’s market! Educate yourself on the Market. Ask ME! I will research the current market activity in the area where the home is located.When a new listing is available, set up a showing as soon as possible and write the offer immediately if it is the house for you. If you wait, the property could be gone.
Write your highest and best offer. It shortens negotiating time and the chance for other buyers to come in higher.
Find out when the Sellers prefer to close and use that closing date.
Put down a large Earnest Money deposit to show that you’re serious.
Use appropriate deadlines in offers and counter offers. Short deadlines don’t necessarily put you in a good position. Sellers may feel pushed and potentially more reluctant when given aggressive deadlines. You don't want a "knee-jerk reaction".
Use e-signatures to make negotiating quicker.
Keep contingencies to a minimum. For every contingency added, the less appealing the offer will look to the sellers. Only include what is necessary for you to purchase the home and have peace of mind. (Don’t skip the home inspection!)
Don’t get worked up over inclusions and personal property: Focus on what is most important! If the wine fridge isn’t included, don’t try negotiating it into the offer when competing.
Have strong financing terms - use a local lender, present a pre approval letter or Proof of Funds with your offer and have a good down payment. Conventional is better than FHA when competition is high.
Write a letter to the seller telling them what you love about their home! Before determining how to write the letter, try to find out some info about the sellers. You want to be addressing the correct audience.
Don’t give up if you get a multiple counter offer; you can make a multiple counter offer at a higher price. This is just a time for negotiating!
If the seller won’t pay for a home warranty, offer to pay for it.
A competitive market doesn’t have to slow down your home search! Be prepared and work with an Agent (Me) who knows what moves to make to help you stay ahead of the game!