How to get your offer accepted in a strong seller's market
Buying a home in today's seller’s market may seem overwhelming, but it really doesn't have to be. Let’s talk about how to get YOUR offer accepted. Here's four ideas for you to consider:
1- Know what's important to the seller. It's a seller’s market. Maybe they need to rent back the home. Maybe they're adamant about how the home will be used or not used in the case of a builder who's going to knock it down. Price is important, but it's not always everything. Not only do sellers want to get the most money, but they're also looking to minimize their risk.
2- Offers should always be clean and concise. Today, the average seller across the country receives 3.7 offers. Here in the Bay, we're getting 10 to 30 offers on listings. There's just not enough time for the seller to respond and counter offer with each and every buyer. So, usually, they'll just opt for the top few offers and speak to only those buyers/agents. Your goal is to get a seat at that table!
3- Know your numbers. Not only the comparable sales in the area, but what can you afford. And how will that fit into your family's budget? A good rule of thumb to use is that $10,000 in purchase price equates to about $45 a month.
4- Move quickly and put your best foot forward when you know it's the right home. Unfortunately, in today's market, if you snooze, you lose. Make your initial offer strong. A good real estate agent is going to make sure that they champion you and let you know exactly what it is you need to do to get a seat at the table. Stay flexible, because after you submit your offer, the seller can either accept it, reject it, or negotiate it. Honestly, sometimes this is where the magic happens for a buyer.
Remember, listen to your real estate advisor. Let them advocate for you and educate you so you can make the best decision for your family. Bottom line is that you've got to trust in the process and trust in your team. Remember, let your home buying advocates guide you, not your emotions. Let's connect below to make sure your offer rises to the top.