How to Make Your Offer Stand Out in a Seller's Market
Your heart is content—you’ve set your gaze on a home that effortlessly pacifies you and your family’s needs. With your offer gripped in your hand, you’re ready to storm into the real estate ring and wrestle to claim the homeowner title for your dream abode. After all, you only need to pay the asking price to make the home yours, right?
Well, not always.
Being submerged in the current seller’s market means there are more buyers than there are homes for sale. It may also mean your full-price offer just isn’t going to cut it.
You may feel your dream slowly slipping away, but don't give in that easily. Here’s what you can do to claim your dream home once and for all. Follow these tips to help push your offer to the front of the line.
Make Your Offer as Clean as Possible
Presenting a clean offer usually means it has few contingencies or certain conditions that must be satisfied in order for the sale to go through. This can include financing, inspections, and the sale of another home. Put yourself ahead of the pack by limiting as many conditions as possible before presenting your offer. Since the real estate market is cut-throat at the moment, it may be necessary to take a few risks to get the house you will have for years to come.
Write a Personal Letter to the Seller
One creative way to increase your odds of getting your offer accepted is to compose a heartfelt, personal letter to the seller. Since a home is a very personable possession, it's understandable that many have a difficult time parting ways with their home. Hence, if you pen a caring letter to the seller, describing who you are, why you love the house, and how you will take care of it, it is bound to make a huge difference in close bidding situations.
Offer Above-Asking Price
This is not the market for sticking low offers on your line and hoping someone will be desperate enough to bite. You will have to make your offer strong enough to beat out a multiple-bid situation. If this is the home of your dreams, you will most likely have to go above the asking price. However, don’t allow the mere thought of offering over the asking price to overwhelm you. Sometimes, you only need to offer $2,000-$3,000 more to achieve your goal. Doing so will show the seller that you’re a serious contender, and won’t end up costing you much in the long run.
Work with an Adept Agent
It's absolutely crucial to hire an experienced agent with their finger on the pulse of the ever-changing real estate market. In today’s climate, you’ll need someone who can steer you away from pitfalls, who is a master at negotiation, fiercely devoted to putting your best interests first, and can get myriad tasks checked off without error. Choosing the right agent can make a world of difference.
If you’re looking to buy or sell a home, our team of highly-seasoned realtors is dedicated to offering exceptional, personalized service to all of our clients. Call us today at 973-594-4305 to speak to an expert at your earliest convenience.