Buying a home in a seller’s market is much like a game of chess.
What’s your first move? How do you negotiate the choppy waters of a competitive home buying scenario?
Oh, the tales of woe we hear about prospective home buyers, who missed out on their dream home in a seller’s market. Buyers often feel they have done everything right in this scenario, which makes the agony of defeat sting even more. At The Stanbra Home Team, we believe in positioning our clients in a strategic way to set them up for success. We use this approach to create strong offers that beat out other competitive buyer offers. Here are a few ingredients for recipe for success to get your offer accepted.
What’s your next move in getting your offer accepted?
How to Get Your Offer Accepted
When it comes to buying a home, you need to come in like a lion. Navigating a seller’s market is no place for a lamb. Before you even think about putting an offer in on your dream home, you must have your finances in order. If purchasing with cash, sellers will require proof of funds or a liquidity statement to confirm you have ample funds to be able to purchase the property. If you are financing, a pre-approval letter is a must! What’s next?
As your REALTOR®, Nicole Stanbra can help you get your offer accepted.
1. Draft a Strong Offer
Knowing the needs of the seller is the first essential in drafting a strong offer. Does the seller require a relaxed timeline to the closing date to ensure that their new home is ready before they move out of this one? Do they need to close quickly to move away for a job or other commitment? Play to these needs and any others that you can without spending time or money that you cannot afford. While it is often recommended to create a home buying offer that is clear and concise, a seller’s market means that clauses and contingencies will likely be expected to be waived. What sort of clauses will catch the seller’s eye? Offering to cover closing costs is one way to get ahead. If you are ready to go all-in on the home you must have, you can have an escalation clause written into your offer. This would mean that if an offer comes in above yours, you agree to automatically pay a set amount over that offer, up to a certain amount. For instance, if you offer full price for a $300,000 home, you could structure your incremental bids at $1,000 above any offer that comes in above $300,000, not to exceed $315,000.
2. Leverage Due Diligence
There are two great ways to leverage due diligence to tip the scale in your favor. First, offer more earnest money. The typical cash put forth prior to the due diligence period is about 5-10% of the asking price. If you want to be a home buying rock star, show them the money by offering more earnest money. Money talks, and what it says in this situation, is that you are a serious buyer. The second way you can leverage due diligence is by shortening the inspection timeline. Doing so will enable the seller to take the home off the market for a shorter period in case the deal falls through, so their loss of time on the market will be minimal. Remember sellers want to get the deal done expeditiously too.
3. Write a Letter
It has been said that letter writing is a lost art. If you would like to endear the seller to yourself and your desire to purchase their home, write (do not type) a short and informal introduction. Are you planning to start a family in the home? Perhaps this home reminds you of the one you grew up in. Maybe theirs is your dream home. Whatever the case, let the seller know! You might be surprised to know that sellers often wonder what sort of life their home will have after they have moved out. Empty-nesters might love the idea of selling the home in which they raised children to a growing family. Animal lovers might enjoy knowing that their investment in a fenced backyard will foster safety for new resident pets.
4. Stack your odds with a dedicated, experienced home buying team.
If you are looking for a Jupiter or Palm Beach Gardens REALTOR®, The Stanbra Home Team stands ready to champion your home buying experience. A strong offer is a crucial part of your journey, but our experience and dedication can take you from an underdog home buyer to a buzzer-beating home buying GOAT. In addition to structuring a strong offer, we will get you in the game early by showing you properties before they hit the market. Our team of go-getters, led by U.S. Army Veteran, Nicole Stanbra, excels in seamlessly coordinating all aspects of buying your new home, even if that means you need to purchase and sell at the same time.
Are you ready to jump headfirst into this competitive seller’s market in Jupiter and Palm Beach Gardens Florida? Trust The Stanbra Home Team, Palm Beach Garden Realtors, to get you to victory lane. Call us at (561) 468-3532 or click here to schedule an appointment.
