Come Out on Top in a Multiple Offer Situation
In a sizzling hot real estate market, it is imperative for a home buyer to be in the know about current market conditions.Since many home buyers do not pay particularly close attention to the market when they are not purchasing a home, they may not be entirely familiar with how it transitions from one month to the next.
“When the market changes to a seller’s market, a buyer’s strategy should reflect this change as well,” says Cathy Rocca. “In a seller’s market, a home buyer is unlikely to be successful using the same techniques practiced in a balanced market or a buyer’s market.”
If it is a seller’s market, it could be challenging to buy the first home a buyer wants to purchase. It is not uncommon that a fantastic home that is well-priced can draw multiple offers. When this occurs, the home often sells for more than list price.
But money isn’t always the bottom line for a seller. Other factors come into play when it comes to multiple offers. If you are aiming to purchase a home in a seller’s market, here are some tips to help you write that winning purchase offer and to help you gain an advantage over the competition. Put Your Best Face Forward
Now is not the time to make a low-ball offer in hopes the seller will bite. In this type of market it is imperative to write your very best offer if you are really hoping to secure the home. You might get only one chance to make an impression on the seller, so determine what your top dollar is and put forth an offer for that price.
Write a Friendly Offer
Do not write an offer that includes demands that will irritate or anger the seller. If the sellers want a few more days in the house, show that you are different from the competition and be generous by giving the seller two or three days to move out. If there are things you would like them to take care of or fix, and they are not really a big deal, consider letting them go.
Keep Your Contingency Periods Short
The objective of contingencies is to protect you and your earnest money deposit in case something goes wrong, like not being able to secure a mortgage in time. If you choose to waive your financing condition, for example, it assures the seller that you will still be able to come through with funds even if your lender doesn’t. Before you agree to waive any contingencies, however, you should check with your attorney. If you decide you want to keep contingencies in your offer, try to keep the time period to get your inspection an appraisal or a mortgage as short as possible.
Making a successful offer in a seller’s market can be tricky and frustrating, but with an efficient realtor that is experienced and has the correct know-how, you’ll soon be in your new home.
The Rocca Sisters & Associates have enlisted some of the best and brightest Sales Representatives in the industry to work with buyers only, ensuring that you receive personalized and uncompromising service and that your best interests are served.
Our Associates monitor the market minute by minute and will alert you to any new properties as they hit the market. In a fast-paced market, this is key to successfully finding and securing your new home. Not only that but understanding the market is essential to paying the right price for your new home. Our Associates are dedicated to surveying and evaluating the market. They spend countless hours previewing homes and monitoring the agents listing system so they can provide you with the comparable information you need to make the right decisions when making offers on homes.
If you are looking to buy or sell your home, you can take comfort in their full service, highly responsive, executive team of professionals for all your real estate needs.
Contact The Rocca Sisters & Associates today and let their personal approach and proven results surpass your expectations.
Their sales production and volume is consistently one of the top on the Hamilton Burlington Real Estate Board where your home is.