Buyers - How to Get Your Offer Accepted in This Market!
The real estate market has heated up, significantly, and certain markets, like ours here in San Diego, are seeing multiple offer scenarios due to low inventory. As a home buyer, putting an offer on a property that has multiple offers can be daunting and frustrating. But it doesn’t have to be if you have the right real estate professional working on your behalf to make your offer more attractive and increase the chances of it being accepted.
As a buyer, there are several things you can do to make your offer more attractive and increase the chances of it being accepted. Here are a few suggestions.
Offer a competitive price. One of the most effective ways to make your offer stand out is to offer a competitive price. This doesn’t necessarily mean you have to offer the highest price, but it should be fair based on the current market conditions in the area.
Also, be flexible with the closing date. Sometimes sellers need more time to move or have to close quickly. Offering a flexible closing date can be a big incentive for getting an acceptance.
Offering free rent back to the seller can be very enticing if they need more time to move.
You can even offer a large earnest money deposit. This shows the seller you are a serious buyer and shows commitment to the sale.
Or maybe limit your contingencies. If possible, limit as many contingencies as you can to make your offer more appealing to the seller. This may mean waiving the appraisal or inspections depending on the property.
Finally, get pre-approved by your lender. Being pre-approved for a mortgage shows a seller you have the financial means to make the purchase and have taken the steps to secure financing. Also, being able to show strong proof of funds will show the seller you are in a good financial position to make the purchase.
Bottomline is always best to work with an experienced real estate agent and a lender who can show you the different strategies to help make your dream a reality. In fact, even in the current market, where multiple offers are the norm, to date, we’ve been successful in getting our Buyers offers accepted, 100% of the time, since the beginning of the year. Experience matters!! So, choose your agent wisely!
Whether you want to sell your existing home, buy your first home, upsize, downsize, purchase a vacation home, or just talk about options, a real estate professional is your best source for information based on current trends in our area. If you're interested in learning more about the 2023 real estate forecast, don't hesitate to reach out - we're happy to help!