6 Buyer Tips for Hot Housing Markets
AUG. 1, 2018
The housing market is heating up! For buyers, this may lead to submitting multiple offers or a potential bidding war. If you or someone you know is in the market to buy a home, here are six ways to give your offer the best chance for seller acceptance, especially when the competition is stiff:
- Get preapproved for your loan and have a strong cover letter prepared for your seller.
- When making offers, try to be first and don't lowball. Being first to the negotiating table plants you in the seller's mind. But when listings are scarce, lowball offers are a losing strategy.
- Opt for an escalation clause that tells the seller you'll beat any offer exceeding your bid by $1,000, up to a maximum amount of your choosing.
- Perform inspections upfront. It may cost a few hundred dollars, but it shows you're serious. And when you make an offer without contingencies, sellers pay attention.
- Tell them you love it by asking your agent to deliver a letter listing the reasons why this house is perfect for your family (include pictures and be specific).
- Don't overpay. Instead, research the market by reviewing comparable property sales prices, schools and online reviews for local businesses. Chatting with neighbors can also provide a wealth of information.
You can get started with the online application, or contact us at 800.444.5858 (option 4) and we'll guide you through the process of buying your home.