We all know that a strong seller’s market can be very frustrating for buyers. You can submit a perfect offer in a market like this and still lose out. Believe it or not, a buyer could win or lose in these situations way before they even submit that offer. So, today we’re going to discuss a few ways buyers can set themselves apart from the competition and win in an aggressive market. We’ll discuss the best ways to be prepared, be ready, out-charm the competition, and come out on top. So, let’s jump right in.
There’s a first step to every process, and home buying in a competitive market is no different. Buyers who are sufficiently prepared always have the upper hand in markets like this. First, make sure you hire an agent who is an expert in the areas where you are most interested. Next, you’ll need to get pre-approved by a lender before going out to see any properties. Do some research on your own, and ask your agent if they can recommend any lenders. Every real estate agent has lending partners, and it usually makes for a smooth transaction if your lender and agent already have a working relationship. Finally, you’ll want to get your criteria really dialed in and avoid wasting time looking in areas or at homes that do not meet this criterion.
In a strong seller’s market, buyers need to be ready to see homes as soon as they hit the market. Most Americans have extremely busy schedules, and it’s sometimes hard to break away to view a new listing in the middle of the week. Just know going into this process that flexibility is key to locking down the right house. Your agent should be sending you listings via the MLS as soon as they hit the market. Many listings hit the market on Wednesday and Thursday. When it hits, go see it that day. Chances are it will be gone by Saturday.
Write a letter to prospective sellers
This last tip is probably something most future home buyers were already planning. But, it’s still worth mentioning. A sincere letter to the seller can go a long way in securing your dream home. Tell the seller a little bit about yourself and your family, and explain why their home is perfect for you. Be sure to throw in lots of compliments, like their choice of wall color in the master bedroom, any specific decorative features you admired, and anything else that would tell them how much you truly appreciated their home. Adding a family photo is also a nice touch.
These three tips should help any buyer outshine the competition. If you combine these with a strong offer, you have a much better chance of winning in multiple-offer situations. And if all else fails, don’t underestimate the power of a back-up offer in a market like this. Happy house shopping!