How to become the successful buyer next time
Bidding wars have become the norm in the 2021 real estate market, and there is no immediate end in sight. So, what can you do to improve your chances?
Ready means that you have all the pieces in place and can complete an offer at a moment’s notice.
Think outside the box, strategize with your agent. Your agent will know what comps have been selling for and how quickly.
Asking price is the starting point; now is not the time to offer below asking. Smart listing agents are pricing homes to encourage competition. Ultimately, the market will determine the price.
Set your goal and the maximum you’re willing to pay for this home. An effective escalation clause is a critical element of your offer package.
Be flexible wherever possible. Would the seller like a quick settlement, or do they need a longer time than usual?
Provide proof of funds that you can pay cash or the equivalent. Work with a local mortgage professional who will have you pre-approved for an underwritten mortgage and ready to go.
Go – Be ready at a moment’s notice. When I am working in a multiple offer situation, I push everything else aside.
Communication is vital throughout the process. If you don’t understand, ask questions. There should be no surprises if you’re working with a real estate professional who has been through markets like this before.
Why are you in the market right now? Have you sold a home that has you positioned to buy a home in this market? By that, I mean you sold at a profitable price, and you’re prepared to transfer that equity to your new home?
Is this an optional move? You may want to stay on the sidelines for now. Have your agent keep you in an active search for homes in your preferred location and price range, and be patient.
Let’s connect today so you’re prepared when the perfect home becomes available.