Get Noticed: How to Stand Out as a Buyer and Get Your Offer Accepted
As a homebuyer, writing your best offer is not just about offering the highest price, but also presenting yourself as a serious and reliable buyer. This is more important, right now, than ever because of the scarcity of homes on the market, as well as the mass competition from other home buyers.
Here are four important tips you need to know to make your offer stand out.
Lean on a Real Estate Professional. Buying a home can be stressful and overwhelming. That is why it is so important to hire an agent with the expertise and knowledge to guide you, successfully, through every step of the transaction. They will know what has worked for other buyers, in the area, and what a seller needs to see, in order for your offer to stand out against all other offers you may be competing with.
Know Your Budget. Understanding your finances and budget is important when deciding on what to purchase. By crafting a compelling offer that showcases your financial readiness and commitment, you will increase your chances of getting your offer accepted. It also shows a seller you are financially confident in closing the transaction.
Think Everything Through Before Making an Offer The housing market is not moving as fast as it was during the pandemic, however, in recent months, things have really picked up, once again! Before writing an offer, you and your agent will need to strategize and determine what specific elements to add to your offer, so it is most appealing to the seller. This is not just about paying the highest price-in fact, far from it! This allows you as a buyer to have more time to think before you make an offer. According to Danielle Hale, Chief Economist at Realtor.com and I quote “In general you likely have more time to make an offer. If you are on the fence about a home, or its asking price doesn't quite fit your budget, you might want to keep an eye on it and if it doesn't sell right away, there may be some negotiating room.” Homes that are priced right tend to get a lot of interest and sell quickly. However, homes that are over-priced get far less interest from serious buyers. After a bit of time, of the home sitting on the market, unsold, most sellers are willing to accept an offer that is less than their original asking price.
Work With Your Real Estate Professional on What to Negotiate Over the last few years when the market was in a frenzy, most buyers wrote non contingent offers without inspections, and many also removed their appraisal contingency. Today’s market is different. Work with your agent to consider what contingencies will help you make your offer stand out with the seller.
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!