If you’ve been struggling to find a home, these tips can help immensely.
It’s no secret that the market is on fire for sellers right now, but it’s meant that buyers are getting a little frustrated. Every new listing is bombarded with offers, meaning most buyers are walking away empty-handed. After going through this same cycle over and over, it can easily become discouraging.
Don’t lose hope just yet, though. There are still a few ways that buyers can win—even in a blazing-hot seller’s market like ours. Most buyers are focusing their attention on the new homes that come onto the market, so you’ll need to know how to make your offer stand out among the rest. Here’s how:
1. Submit a great first offer. If you submit something low and leave room to negotiate, you may not get the opportunity to increase your price. Sellers aren’t countering every offer—they’re usually only focusing on the top two or three buyers. Other times, they just pick the best one immediately. So, to get your foot in the door, you need to submit your best offer upfront.
2. Find out what terms the seller wants. For example, you want to learn how long of an escrow period they want. You want to write an offer with terms that attract the seller—you might shorten contingency periods or remove appraisal contingencies to strengthen your offer. If you remove the appraisal contingency, show the seller you have the money to pay the difference.
3. Be flexible. In the past, buyers and sellers would arrange leasebacks that let the seller pay to live in the home while they search for a new one. Now, buyers are letting the sellers stay without paying. They’re doing this just to ensure they can get into the home. If you’re going to offer a leaseback, do so for free or at a discounted price.
“To get your foot in the door, you need to submit your best offer upfront.”
If you’re sick of competing, you can take a different approach. Essentially, it involves keeping an open mind about what you’re looking for. You might find a better option or price in an area you weren’t considering before, or perhaps a smaller house would still work well for your needs. Start focusing on broadening your search and removing some of your expectations. You can also look for stale listings that have sat unsold on the market. Typically, there’s something keeping these homes from selling, and the sellers may be getting desperate. If the home has an issue you can overlook, you might find yourself a fantastic deal.
If you have any questions or would like more information about how to win in today’s market, feel free to reach out to us. We look forward to hearing from you soon.
