If competition is a buyer’s biggest concern, to even have a chance you need to get in the game. In a new survey of close to a thousand home buyers conducted by Redfin, affordability is still the number one concern but due to low inventories, and competition from other buyers is moving its way up the poll.
26% identified affordability while 19% mentioned competition and 15% mentioned low inventory as their respective top concerns.
To win, athletes study the competition to come up with a plan and buying a home is not different. During a Seller's market, here are some tips to help to win:
- Find out what terms are important to the seller before you write an offer.
- Once you decide to make an offer, do it as fast as you can, hopefully to be the only one the seller is considering. The quicker your Realtor can make contact with the listing agent with an offer they have a better chance of a successful introduction of your offer.
- Make a good (or possibly, your best) offer in the beginning; you may never get a chance at improving it. In highly competitive situations, offer above the list price.
- Attach your pre-approval letter from a respected lender. This means you’ll need to get pre-approved before you even think about writing an offer.
- Include a higher than normal amount of earnest money to show you are serious.
- Eliminate unnecessary contingencies.
- Write a personal, hand-written letter telling the seller what you like about their home and why you want it. Consider including pictures of your family.
- Minimize seller expenses paid for the benefit of the buyer.
- Shorten inspection period times.
- Don’t ask for personal property if it isn't offered.
- Be flexible on closing dates to accommodate the seller’s move.
Once you find your dream home, don’t take a chance on losing it. Write a winning offer that will secure your new home.
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