If you’re looking to buy a home, you’ve probably noticed there’s typically one thing standing in between you and your dream home, other buyers! In fact, for every home sold right now, there’s an average of five offers being made. Since sellers can afford to be picky about who purchases their home, many buyers are wondering how to make their offer more appealing.
1. Be Pre-approved for a Mortgage
Sellers in hot markets can only accept one offer at a time. If yours includes a pre-approval letter from a mortgage lender, the property owner will know how much you can borrow. Even if your offer isn’t the highest one on the table, a pre-approval can give a seller a lot of confidence in your ability to fund the deal and close quickly.
2. Make Your Best Offer
While everyone loves a bargain, you may not find one in a hot real estate market. Trying to underbid in a seller’s market means you’ll probably lose to a competitor. While you shouldn’t buy more houses than you can afford, be aware that homes often sell for more than their list price when multiple buyers bid on the same property.
3. Forget the Small Stuff
When you look at homes in a competitive market, don’t fall in love with anything that is separate from the actual property, such as window treatments, appliances, or porch furniture. Trying to negotiate for extras could cause you to lose the deal because sellers want to get the best price for their homes.
4. Form a Bond With the Sellers
If you know that you’re not the only buyer interested in a particular house, you can make a personal case for the seller to choose your offer by including a letter with your offer explaining why you want the house. There’s no guarantee that a seller will be swayed by your personal pitch, but it could tip the scales in your favor.
To win in today’s real estate market, you must have a competitive edge over other buyers. It takes the right strategies and a trusted lender to help ensure that you stand out from the crowd. Please don’t hesitate to reach out for help!