Q: How Can Buyers Compete in This Blazing Seller’s Market?

Here’s what a buyer needs to do to get their offer accepted right now.

Homes are lasting just a few days on the market and generating multiple offers over list price, so it’s understandable to feel intimidated if you’re looking to make a purchase right now. Though our market is flooded with buyers, there is only ever one buyer whose offer wins a home; thankfully, there are several ways to ensure that that one buyer is you. Here are the five most important tips for buyers in this hot seller’s market: 

• Be pre-approved. Have your pre-approval and financing paperwork in order and submit it to the mortgage company ahead of time so that you’re ready to pull the trigger the moment you stumble upon ‘the one.’

• Be aggressive, be first, be ready. You have to be keenly aware of the current market; the inventory deficit is stark (our supply is just 25% of what it was during this same time last year), but demand is through the roof. This is not a climate conducive to ‘sleeping on it.’ If you find a home that is checking the majority of boxes for you, you need to submit an aggressive offer as soon as possible and be ready to make the next move. 

• Personalize your offer. How are you going to differentiate yourself from the five, eight, or maybe 10 other buyers submitting offers? One way is to write a personal letter to the seller thanking them for the opportunity, telling them a bit about your family, and showcasing your genuine enthusiasm for their home. Target their heartstrings by telling them your family’s vision for the home and how it will be perfect for your needs. It can also be a good idea to have your mortgage lender reach out to the listing agent to convey just how well-qualified you are as a buyer. 

• Consider making your terms more attractive. In an environment where houses are selling for 10% or even 15% over asking price, you may feel like your only option is to bid really high. That’s not the only play, though; maybe you don’t go quite as high, but you waive some contingencies, like the inspection. Every case is different, but there is usually a possibility to give yourself an advantage by removing some contingencies to simplify the transaction for the seller. 

• Work with a top-notch agent. Your agent should be highly experienced, possess deep market knowledge, and have the tools necessary to guide you through a competitive market and help you come out on top. That’s exactly what we at The Burkhart Realty Group can offer you. 

If you’re thinking of buying soon and want all the leverage you can get, please don’t hesitate to reach out to us by phone or email. We’re standing by and ready to help.