Boy is it CRAZY out there! If you’ve been keeping tabs on the real estate market then you’re well aware of the fact that interest rates are extremely low right now, meaning its a great time to buy…but available houses to purchase are scarce! That means that now more than ever it’s important to bring your A-game to the table.
Here are my 5 strategies to help your offer stand out in this competitive seller’s market:
1. Think outside the box.
If you’re buying a house, sometimes you have to get get a little creative. Can you give some wiggle room with your closing date? Rent the house back to the seller for a month while they look for their next home? Being flexible when buying and working with seller preferences can give you an edge over other similar-priced offers.
2. Rethink your lender and/or loan officer.
Not all lenders are created equal when it comes to buying a house! Some have a great reputation locally for closing loans on time, which is an important factor sellers consider when evaluating offers. Your loan officer can also call the seller’s agent to help make the case that you are a well-qualified and serious buyer. Ask your agent for recommendations on fantastic local lenders—they are sure to have several!
3. Check inspector availability when submitting an offer.
Offers with short inspection windows tend to be more favorable to sellers—if all else is equal, an offer with a shorter inspection window will likely be selected. But, buyers are often hesitant to do this because it can be difficult to get inspections scheduled on short notice. Checking your inspector’s availability ahead of time can often allow you to shorten your inspection window by several days.
4. Submit your best offer as soon as possible.
The very best homes are often sold within a day or two of hitting the market – the early bird really does get the worm! In this market, we are seeing many sellers forgo the hassle of multiple offers and simply taking the first outstanding offer that comes their way. If you love a home and want to avoid the multiple offers game, don’t wait to put in your offer, and make sure it’s your strongest. Submitting your strongest offer right off the bat to shows you are seriously interested, and a buyer they’d be crazy not to choose.
5. Work with a great agent.
This might go without saying, but the agent representing you can make or break your experience as a homebuyer. You’ll want to look for an agent who is actively searching for homes on your behalf, and who can get you in to see homes and write offers as soon as you are ready. Seller’s agents know that a good buyer’s agent is an important part of getting all parties to the closing table—organized, responsive, trustworthy, and personable buyer’s agents give the seller confidence that the sale is in good hands. Your agent represents YOU, so make sure you select an advocate you can trust and who represents your interests well.
