Buying in a competitive market // TIPS
Tuesday Sep 22nd, 2020Share
BUYING IN A COMPETITIVE MARKET // TIPS
Buying in a competitive market can feel exhausting and discouraging… when demand is high & supply is low. Buyers have to go above and beyond to make their offer stand out in competition!
Read below for some tips that have helped my buyers come out on top in competition!
✖️ Money Talks- In competition you have to put your best foot forward. Most time you only have 1 shot. Unless a couple offers are close in # you might get the chance to improve. If its a home you really want- give it your best!
🌟 Don’t lose the home of your dreams over $10,000. It doesn’t make a big different to your monthly payments or down payment.
(Your Realtor will be able to advise you on a competitive price & make sure you are not over paying)
✖️ Pre-Approval Letter - sellers are looking for strong buyers, who are going to be able to close without any issues. Get a pre-approval letter from your lender, to hand in with your offer to prove you are qualified for the price point you’re offering in!
✖️ Meet the sellers needs
Offering flexibility in the closing date can be very valuable to a seller & a big part in their decision process. It is even more critical to the seller, when selling & buying at the same time.
A firm offer is most appealing to a seller, because they know the deal is FIRM immediately as soon as the deposit is handed in.
*Know the risks of going in firm. If your offer is accepted the home is yours- no backing out.
*If you are serious about the home, and ready to compete for it. Do a pre-inspection so there are no surprises & you can offer accordingly.
*Consult with your mortgage broker before submitting a firm offer swell
✖️ Write a personal letter
Selling your home can be an emotional time! So many memories and milestones in the home. Some people like to know its being passed to someone who will enjoy it as much as they did. Write a letter to introduce yourself to the seller!
In a competitive market, like the one we are currently experiencing. You can expect anywhere from 3-10+ offers on offer night. You need to have your finger on the pulse in this market and be ready to go! Often times homes are being listed approx 5% below market value & generating a ton of attention which results in multiple offers on offer day.
*Have money accessible and ready to go for the deposit
*Make sure your lender knows you are actively offering on properties, so they are ready to work on your file
*Do not waste your time looking at properties listed at your max budget, that are holding offers.
✔️Talk to your Realtor (ME) about the best strategy for your current situation. I’m always available to chat!