The 4.5 Things That Will Get Your Offer Accepted
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How, in today’s hot, competitive market, can buyers get their offers noticed? Well today, I want to share with you 4.5 tips that can help you get noticed and accepted even in multiple offer situations.
Our market is ultimately defined by low inventory and massive demand. Right now, every seven out of 10 homes are selling with multiple offers. This means a few things for those involved.
For sellers this is good news, because it means that they have a little bit of control by virtue of listings being in high demand.
For buyers though, the story is a little different. If you’re in the market to buy a house, you’ll need to get your offer accepted against the competition. That’s easier said than done, as things have changed drastically even within the last 10 years when it comes to the market and how it works.
Luckily, I have 4.5 strategies designed to help you get your dream home.
1. Go big or go home. Change the way you think about the list price. When looking at homes, try not to consider the list price as an absolute. Instead, think of it as a range. If the price is $150,000, for example, expect a range of at least $10,000 more. To compete in today’s market, you cannot offer below list price.
2. Throw out the love letters—money talks. Though there was a time where offer letters would entice sellers into choosing an offer based on sentiment, the truth is that today, the best monetary offer most often wins. However, in lieu of the offer letter, we do encourage buyers to make use of strategy No. 3.
3. Make a video. In today’s modern world, offer videos have replaced letters. A video will allow you to express your personality and why you love the home. Combined with going big and having a solid offer, this can go far in getting your offer accepted.
4. Big earnest money deposits. There is no good reason to go in with a small earnest deposit. If a seller sees that you have truly invested in your deposit, it will lend much more credibility to your offer overall. It gives off the impression that you are financially capable of purchasing the home. Think 5% to 10% of the list price, and remember that you can get this money back if inspections don’t go as planned.
4.5. You can’t overpay. Because homes have to be appraised by a lender, sellers will often need to comply to a purchasing price that matches the home’s true value.
If you’d like to learn more or ask me any other questions, give me a call or send me an email. I look forward to hearing from you.