3 Ways to Make Your Home Offer Stand Out!
So in our market, as many already know, we are what we would call a “seller’s market”. In this market, the home seller usually has the advantage in the negotiation and prices are usually driven up due to an imbalance in the amount of homes for sale and the number of buyers (more buyers-less inventory). This can make it difficult, frustrating even annoying at times for buyers. Trust me, I see it everyday! However, the are a couple of things to have in the back of your mind when looking at homes and preparing offers.
This may sound like a broken record but I can not shout it from the rooftop enough. PRE-APPROVED, PRE-APPROVED, PRE-APPROVED. So maybe I can shout it enough but hopefully someone will hear this. In this market, heading out to look at homes without knowing exactly you can afford is like walking around blind-folded, at night, trying to golf. You can take all the swings at it you’d like but if you don’t know exactly what you are aiming for it’s pretty much useless. The pre-approval with a reliable lender lets you a) know how much you can offer comfortably and b) if you do get into a multiple offer situation, you know exactly how much more you may be able to spend without stretching your finances thin.
Being able to responsibly remove or shorten conditions can go along way with getting an offer accepted. Having a short financing and/or home inspection makes the seller feel more assured that you are working your hardest to buy their home in the shortest time possible. There are many that will remove conditions without any regard and it can be a very risky play. For financing, a lender may require an appraisal and if it does not euqal what you offered, you may be on the hook for the difference. Many in this market have also started doing home inpsections prior to putting an offer in, which can be a good practise. This gives you the confidence to make the offer more appealing, while still having confidence that the home is in a condition that you feel comfortable with. Conditions play an important role in getting your offer accepted and keeping them quick or having the prep done to confidentily and responsibly remove them can be a huge benefit.
This is one that many people often overlook as being a make or break. Ask the question! Have you or your realtor ask what the ideal date would be for the sellers. Afterall, it is about accomodating them in this market as best as you can. I’ve seen sellers accept lower offers at times because the closing date was better for them. For some sellers, it always is not about dollars and cents. Do the research before drafting the offer to make sure you can check as many of the boxes off for the seller as possible.
These are just a few ideas that may help you this spring in getting an offer accepted on a home. It is a conversation that I have with my buyers the very first time that we sit down together and a good conversation each time we view a house that may be of interest. Good look and happy home hunting this spring!