Chad Hegrat
It can be tough to buy a home in a competitive market. You can deal with things like multiple buyers putting offers on the same home, and seller’s ultimately choosing the best one. Being strategic with your offer can make it stand out. Let’s go over a few ways you can do this and achieve the purchase of your home.
First off, you want to make sure to offer a strong price. You may have noticed recently that homes are selling for more than the asking price. This is a hot market, and offering slightly above the list price allows the seller to understand the importance of the offer. Do keep in mind to stay within your budget and not offer over unless you can do so comfortably.
Something else you can do to make your offer look stronger is to increase your earnest money deposit. An earnest money deposit is like a “good faith” payment you make when you want to buy a house. Its purpose is to show the seller that you’re serious about the offer. If you go ahead with the purchase, the earnest money becomes part of your down payment. The higher the deposit, the stronger looking the offer. It is telling the seller that you won’t back out so easily.
Another way to stand out with your offer is to be flexible with your terms. Consider scenarios such as seller may need extra time to move out, so working with them and/or their agent to compromise on a good move-out date that works best for them can be thoughtful. If you’re able to, limit requests for repairs or minor fixes that could be done yourself. The easier you make the process for the seller, the more likely they are to choose your offer.
A final way to make yourself stand out, and something most people overlook, is to write a personal letter to the seller. You can include testimonies such as why you love their home, or how you see yourself living there. Sharing your emotions and dreams related to the home can make the seller feel more connected to you and is a good way to make yourself more memorable, expressing sincere interest in their property.
Every detail matters in a competitive market. Having a strong asking price, deposit, flexible terms, and personal touch, can set you apart from other buyers. Working with a knowledgeable real estate agent can help guide you through each of these suggestions and help you create the best possible offer to win the home you love!