Here are five methods to help you increase the strength of your offer.
If you’re a homebuyer in today’s market, you know how tough things are currently. Inventory is low, and demand is sky-high, which means that you’ll likely have to compete with others to get it. But it doesn’t have to be all doom and gloom. Here are a few tips to help you navigate the difficulties of this hot seller’s market and find success:
1. Get your pre-qualification letter. Not only does having this letter handy when you find a home make your offer stronger in the seller’s eyes, but it also gives you an idea of what your house payment is going to be and how much money you’ll need upfront. Whether you’re ready to buy right away or in the near future, now is a great time to speak with a local lender.
“Communication is key in this difficult market.”
2. Add more earnest and option money to your offer. When you’re making an offer, instead of just putting forward the normal amount of earnest money, be a stronger player in the game and exceed the seller’s expectations. When you’re competing against other buyers, a larger earnest money deposit will help you stand out.
3. Consider the seller’s position. Work with an agent who has strong communication skills so that they can contact the listing agent to find out what the seller is looking for. For example, do they need a leaseback or a certain closing date? Knowing the answer can help you craft an offer specific to the seller’s needs. Communication is key in this difficult market.
4. Be compassionate to the seller. Beyond just anticipating your seller’s needs, be compassionate to them. They’re in a difficult position of their own.
5. Put your best foot forward. Sellers have to sort through a lot of different offers on their properties, and they might not come back and ask the competitors to submit their highest and best offers. That means you need to lead with your highest and best; the seller wants to see who is serious.
In the end, don’t get discouraged. Yes, this is a challenging market, but if you partner with a strong agent who knows the market, you’ll be able to find the house you’re looking for.
If you have any questions about buying a home or how to strengthen your offer, don’t hesitate to call or email us. We’d love to hear from you.