The real estate industry fluctuates over the years, and right now we are facing a situation that is known as a “seller’s market.” What it means is that the inventory is low, so buyers need to be more competitive with the homes that are available.
Just because the number of available homes on the market is lower than normal, doesn’t mean that you can’t find a property for your family. But, there are a few strategies that should be used to increase the likelihood that your offer will be accepted. If your offers have been rejected, don’t assume that it is the wrong time to buy a home. Instead, hire the right real estate team to assist with your strategy, making it easier to find the home of your dreams.
Adding a Competitive Edge to Your Offer
A few small changes to your strategy can make a big difference to increase the likelihood that your offer will be accepted. Here are a few tips to use:
- Personalize the Offer: Sellers feel good to know that their home will be loved and cared for by a good family. Often, these people have emotions and memories tied with the home, so it is common for them to prioritize families over an investor. Send a personal letter to show that you are wanting to live in the home with the people that you love, instead of using it as an investment property.
- Current Preapproval: It can be frustrating to run into problems at closing because of issues with the buyer’s financing. Sellers want to see that you are serious about the purchase, which means that you need to show your ability to pay for the home. Maintain a preapproval letter that is up-to-date so that you can send the details with your offer.
- Fair Price: Undercutting the market price is a sure way to put your offer at the bottom of the list. Offer a fair price for the property. You might even offer above appraised value if you know that is the right property for your family.
- Be Careful with Contingencies: While it is important to negotiate a fair deal, be careful about the contingencies that are written into the contract. Discuss your strategies for financing or appraisal contingencies with your real estate agent.
Even though these tips seem small, they can have a significant impact on your ability to stand out from the competition. It is important that you are proactive so that you can create an edge over the other buyers.
Most importantly, it is necessary to have an experienced real estate agent by your side. Your agent will offer advice and suggestions that match your needs. You can lean on their expertise, helping to reduce your stress when searching for the right home for your family. For more information, talk to the leading real estate team in Atlanta: DUFFY Realty. We are here to help: (678) 318-1700
Self employed buyers, read this: https://duffyrealtyofatlanta.com/self-employed-buyers-things-mortgage-application/