A seller’s market means that there are more buyers than there are homes available for sale. When we start seeing homes go for over asking price, at a rate of 10% or higher, we are in a seller’s market. There are some strategies at your disposal to help get your offer noticed and considered.
In a seller's market, you most likely will not be the only buyer interested. How you stay ahead of the pack is to have your offer and financial documents organized and ready. Make your offer as clean as possible, a clean offer ideally is not contingent on the sale of another property or have other financial constraints. It should also be free of seller concessions, which are things that a buyer asks for outside of the offer price.
Act fast
If you know you’re going to be competing with other offers, it is time to act fast and put in a strong offer if the home is right for you. Working with an experienced team will help you to strategize how to hit to perfect mark to make you offer as strong as possible.
Make Sure Your Offer Is Complete
Paying attention to the details of your offer should be a no-brainer, but every day there are mistakes made in this process. This may include missing disclosures, EMD, or pertinent information for the purchase agreement. In a competitive market, mistakes like these may result in your offer getting tossed.
If a seller receives multiple offers that are complete, they may not give your offer a second look. If you want to make sure you have a chance in the running, make sure to cross your “t’s” and dot your “i’s”.
As your agent, I use my in-depth area knowledge and market research to work with you to help to create an ideal strategy to get you and your family into your dream home. Industry knowledge and experience will go far when it comes to finding your dream home in a seller's market.