How Can Buyers Compete in This Market?
Here’s what it will take to make your offer stand out to sellers.
If you’re a buyer in this market, you’re in for a lot of competition. Inventory is extremely low, and most homes are receiving multiple offers. So what can you as a buyer do to make your offer stand out in a sea of offers?
1. Tailor your offer to the seller’s needs. To do that, have your agent contact the seller’s agent to ask what it is the seller truly wants. They may not be looking for the best price among their offers; they might be looking for specific terms like a short closing period. Use this information to craft an offer that the seller would be hesitant to decline.
"Inventory is extremely low, and most homes are receiving multiple offers."
2. Make sure your financing is in order. Don’t just call a mortgage company and get a pre-approval letter. You need to ensure that you’ve been fully underwritten by an experienced mortgage broker. To do that, you need to turn in all the required documents like your tax returns, employment verification, bank statements, etc.
3. Work with an experienced real estate professional. Your agent needs to be able and willing to help you compete in this market by doing what it takes to get your offer accepted.
If you have any questions about the state of the current market or real estate in general, don’t hesitate to reach out to us. We’d love to hear from you.