When the demand for homes is far higher than the inventory it is considered a Seller's Market. This gives sellers a considerable advantage in the negotiating process, and competition for homes is fierce. We will review every component of your offer and suggest how you can make your offer more attractive to a seller. Price is not the only factor when a seller reviews offers.
- Expect to pay anywhere between 5 to 10% above the asking price unless the home has been on the market for more than 30 days. (there are some exclusions, we will let you know).
- Make your offer as strong as possible. You will most likely only have one opportunity to present your offer.
- In a multiple offer situation, the seller will accept the offer that provides the best terms for them. Do not expect the seller to counter your offer in a multiple offer situation.
- Do not hesitate to put an offer in if there is already an offer submitted. The accepted offer could fall out of escrow.
- Most buyers lose out on 2-3 homes before they understand the market and take their agents’ advice. Do not miss out on your first choice. We will tell you honestly what we think it will take to purchase the house. If you do not get the house, do not get discouraged. More homes are coming on the market every day.
- Sellers’ will be hesitant to accept a contingent offer. If you need to sell your home before buying, there are other options we can look at before writing a contingent offer.
- If your offer is subject to financing and you are competing against cash offers, we can show you how to make your offer almost as strong as a cash offer.
- Consider doing a pre-inspection. Making an offer that is not subject to an inspection gives you a huge advantage. Doing a pre-inspection takes away most of the risk.
- Be forthright with your agent on your budget and timeline. You are a team, and they need to know your situation to help you achieve your goals.
- Be loyal to your broker and sign a buyers’ agency agreement. There are many buyers for each property. Your broker is forgoing the commission of working with other buyers to get you the house you want.