In today’s world of home buying and selling, it’s a seller’s market. This means the real estate marketplace is overflowing with shoppers, and there isn’t sufficient home inventory to accommodate everyone.
In this kind of environment, every newly listed home receives numerous offers quickly, some of which come in higher than the asking price.
Getting your offer accepted in such an economy can be challenging. Luckily, there are ways you can make your offer stand out and improve your chances of snagging that house. Consider these strategies to improve your chances of getting your offer accepted.
Spend time checking out recent home sales in your area and look at other details such as sales activity and inventory levels. At JP Capital Realty, we can help you with this. We closely follow the local market and can help you develop a realistic price range for your offer.
With a clear picture of local market values, you can prepare your budget; this empowers you to make an offer that is competitive and realistic.
Most sellers want to finalize the sale of their home as fast as possible. They want a reasonable offer, and they want to go through the process of selling the house with the least number of delays. To do this, the seller will prioritize offers that have no contingencies attached.
If possible, don’t make your offer contingent on selling another home. In the same vein, don’t tie your offer to the selling of other properties you have on the market, and consider waiving the appraisal contingency (but make sure you’ve got enough cash to cover the gap should the house appraise below the asking price).
Your realtor will advise you on how much to offer above the seller’s ask. Paying a few thousand dollars more won’t significantly increase your monthly mortgage payment, but it could boost your offer’s chances of success, and it will also demonstrate that you’re serious enough about the house to pay more than the listed price.
A cash offer removes middlemen and streamlines the path from acceptance to close. If you can pay cash, do it. Cash offers are always more attractive to sellers than ones with lenders involved.
If your offer comes in point-for-point the same as another offer, but you’ve asked for the handsome pair of backyard Adirondacks, that small ask could be enough to get the other buyer the nod. Keep it simple. Get the Adirondacks later from Overstock.
Sellers gravitate toward the easiest deal at the highest price point. Receiving pre-approval by a lender shows sellers that you’re serious about the purchase and have done your preparation. Getting pre-approval assures the seller that your financing process is likely to be smooth.
Prior to sending the offer to the seller, confirm that you haven’t left out any vital details. Make sure you’ve supplied all required and relevant information and that the offer has been signed. At all times, include an earnest cash deposit.
Rushing through the paperwork could result in an incomplete and thus rejected offer. You will be up against other buyers submitting 100% perfect offers, and yours may not be considered by the seller if it has gaps.
Use these tips to make your offer stand out in today’s competitive seller’s market. By demonstrating that you’re a dedicated buyer with organizational skills and verified resources, you have a great chance of your offer receiving serious consideration from the seller.
Engaging a highly qualified realtor also improves your chances of success. Reach out to JP Capital Realty, the best Lake Nona realtor today!