It’s becoming a war out there when it comes to buying a home.
An increasing number of would-be homebuyers are finding themselves in fierce competition, as more and more sellers are fielding multiple bidders on their properties. According to recent data from Redfin, some markets saw 73 percent of homes on the market draw in multiple bidders.
So what does it take to claim victory over your competitors if you find yourself in a bidding war? Here are some helpful tips:
1. Keep it simple.
Don’t put a lot of contingencies on your offer. That means, don’t make the seller negotiate too much on price or down payment, and don’t make a ton of requests on home repairs.
If you require a lot of back-and-forth and have a lot of demands for the seller, he or she is likely to turn to another bidder who’s a bit less needy.
2. Put your best offer on the table.
When you’re up against stiff competition, it’s not the time to lowball.
You might not get a second chance and the seller may not counter your offer if it’s well below other offers. So put your money where your mouth is.
3. Make it personal.
Tell the seller how much you’d love to raise your family in that person’s home. Personal, emotional appeals can sometimes tip a seller’s decision in your favor. Establish a rapport, and it will likely set you apart from the crowd.
4. Come prepared.
Come to the showing with a pre-approval letter from the bank. When a seller can see that a bank already has extended their willingness to finance the deal, it lends credibility to the buyer and edges you closer to getting the home.
5. Offer incentives.
Up your “good-faith deposit”. Buyers generally put down deposits — typically 1 percent of the purchase price — on a home to show their intent to buy. Increasing that amount to 3 percent or 5 percent will solidify to the seller that you’re ready to close the deal.
You also can offer other things, such as picking up the tab for title insurance, which will leave the seller with more money in his or her pocket.
April Partida is a Professional, Experienced and Results Oriented, Top Virginia Beach VA Realtor committed to meeting your needs.
April has distinguished herself as a leader in the Virginia Beach Virginia real estate market. April assists buyers looking for Virginia Beach VA real estate for sale and aggressively markets Virginia Beach homes for sale. April is also a Short Sales and Foreclosures Resource Specialist (SFR). Avid foreclosure and short sale expert, committed to helping families in financial hardship find options to foreclosure.
You can reach April at 757-227-1777 or by email, firstname.lastname@example.org.