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5 Tips for Getting Your Offer Accepted in a Seller’s Market
Posted by Christine Owens on May 25, 2017

5 Tips for Getting Your Offer Accepted in a Seller’s Market

abode-987096_1920The spring housing market has been heavily dubbed a “seller’s market.”  A seller’s market is simply a market in which the demand for housing exceeds the supply.  When this is the case, the seller has the upper hand because they know there is a demand for the house they are selling.  Buying a home in a seller’s market can be a little more challenging than in a buyer’s market because not only does the seller have the upper hand but there are other buyers that may be interested in the same house at the same time as you.  This can result in a bidding war that elevates the purchase price of the home.  When buying a home in a seller’s market, there are a few things you can do to help increase your chance of getting the home you want.  Below are 5 tips for getting your offer accepted in a seller’s market.

 

 

 

5 Tips for Getting Your Offer Accepted in a Seller’s Market

  1. Make a Reasonable Offer
    • Nobody wants to overpay for a home but when you are buying a home in a seller’s market it is not the time to extend a low-ball offer. Because inventory is low and there are likely other potential buyers interested in the same house that you are, it is best to submit a reasonable, fair offer.
  2. Make a Large Down Payment
    • A seller wants to know that whoever they choose to sell their home to will not have to back out at the last minute because their loan didn’t come through. By offering a larger amount of earnest money and putting a good amount down, it will give the seller a boost of confidence that you will have no problem qualifying for your mortgage loan and closing on your home.
  3. Make a Clean Offer
    • What we mean by this is make a straightforward offer without a lot of contingencies or requests. When a potential buyer seems overly needy or requests a lot of repairs or to cover things like closing costs it may turn off a seller.  By making the most “clean” and basic offer, it will make the decision to choose you far easier.
  4. Write a Personal Letter to the Sellers
    • If you fall in love with a home and have a feeling that there will be multiple offers, it may help set you apart to write a personal letter. In the letter explain why you like the home and why you think you would be the best next owner and add any personal details that may help your case or set you apart from others.  Add a family photo to really put the letter over the top.
  5. Make a Backup Offer
    • In a market with low inventory, the home you see online and want to look at could already be under contract before you ever make it there to walk through. Even if a home is under contract, make a backup offer because you never know – the pending contract could fall through and you could be next in line for the home you want!
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