For homebuyers looking to buy a home in this market, it’s an exciting time—the market is really hot and homes are selling quickly.
But it can also be pretty frustrating. When they do find that perfect home, they may all of a sudden find out that there are multiple buyers that are also interested in that same property.
So, how can you make your offer stand out in the crowd?
1. Submit a large earnest money deposit. By going that route, it really shows the seller that you’re serious about purchasing their home. It also shows that you’re serious about closing on that purchase.
2. Show the sellers that you’re qualified. In this climate, in most cases, there are multiple offers on a property. In our area, the average days on market has dropped to just 13 days, which is really amazing. Be sure that you have a pre-approval letter from your lender. Nowadays, if you can get your pre-approval reviewed by an underwriter, it really can strengthen your offer as well.
3. Give the sellers more time to move. Sellers may need a little time between the closing of escrows, so let them know up front that you’re willing to give them two or three days to comfortably move into their new home.
4. Shorten or waive some of your contingencies. The standard contract gives you 17 days after your offer has been accepted to do the inspections and appraisals and give the property your due diligence. If you’re willing to shorten that period and/or shorten the 21-day period of your loan contingency, that can also make your offer stand out.
5. Write your best offer. The market is very competitive right now, so don’t look forward to doing a lot of negotiating back and forth. As far as your offer goes, lean toward making your best offer up front. This lets the seller know that you’re genuinely interested in their property, and certainly will put you in a stronger position.
Chances are, if it’s your dream home, it’s also someone else’s dream home, which is a recipe for a multiple-offer situation. Be sure to keep these tips in mind in order to strengthen the position you hold in a competitive real estate market.
If you are looking to buy or sell a home in this hot market, go ahead and give us a call or reach out to us on our website. Let’s find your dream home.