Most of our local communities are experiencing a brisk real estate market. Well priced homes are moving quickly and sometimes sellers have multiple offers from which to choose. How can you make your offer stand out and put you in a better position to get the home? Fortunately there are a few things you can do to make your offer more attractive to sellers:
- Offer a Fair Price – When the market is moving quickly, this is not the time to throw out a low ball offer and hope they negotiate. Write an honest price based on market values.
- Have a Pre-Approval – It may not be enough to simply offer a pre-qualification letter. When issuing a pre-approval the lender verifies your qualifications and an underwriter gives preliminary approval based on the actual home and a good appraisal.
- Flexible Timing – Not everything comes down to price. A seller who is relocating might be more interested in an offer which gives them extra time to move.
- Attractive Terms – Most offers include contingencies for items like loan approval, appraisal and sale of your current house. Working with your lender and real estate agent, consider removing any contingencies you don’t need. This provides more confidence in your offer vs the competition. I don’t recommend, however, that you remove any inspection or title insurance contingencies.
The most important thing in a competitive real estate market is being prepared. Working with your lender and agent, you will understand your options and be able to write a solid offer quickly, putting you in the best position to have your offer accepted.
If you want to talk more about how to make a competitive offer in today’s real estate market, feel free to reach out to me. I’m here to help you navigate through the real estate maze.