In order to get your home offer accepted in today’s tight seller’s market, you’ve got to be quick, smart, and totally in sync with your real estate agent. According to recent data from NAR, home sales are receiving an average of 4 offers, and our FirstTeam agents regularly see bidding wars that capture upwards of 20 offers! With so much competition for limited inventory amid a national housing crisis, you need a seriously smart strategy.
When it comes time to put in a home offer on your dream house, here are three strategies that can help you win out over the sea of other buyers.
1. Work Fast to Get Your Home Offer Accepted
Sometimes, the secret to getting a “yes” is as simple as being the first to offer on a property. We can set you up for automatic alerts when new homes come on the market that fit your wish list, so you are instantly notified about new properties. Then, as long as you are very clear on your wants and needs, don’t hesitate! Run the numbers and make the offer ASAP. Don’t let fear slow you down.
2. Offer to Rent Back to the Sellers
When purchasing your home with a mortgage, your first payment isn’t actually due until a month after you close escrow. A great way to sweeten your offer without crushing your finances is to offer the home seller a month of free “rent” so they have time to find a new home before moving out. Remember, it’s a seller’s market so while it may be easy for a homeowner to find a buyer for their own home, they’ll have a hard time getting their own offer accepted on a new home while their current property is in escrow.
If you do decide to offer one month of free occupancy, make sure to discuss all of the details beforehand and get everything in writing. It’s important that your agreement and guidelines are clear and concise, understood by all parties. Buyers today have been offering anything from a 30 to 60-day rent-back period, and you don’t have to offer it for free; what’s most important is allowing the sellers flexibility on their personal buyer timeline.
3. Shop Off-Market Listings
At FirstTeam Real Estate, we work with more buyers and sellers than any other real estate company in the area, which means we’ve got one of the single largest selections of off-market inventory at our fingertips. Our proprietary SNEAKPREVIEW℠ system aggregates all of the off-market listings of our 2,000+ local real estate experts so we can get you exclusive access to homes before they hit the market. This allows us to start discussions with the seller before they even go on the market, and possibly close with no other buyer competition.
To get your home offer accepted in our hot seller’s market you’ve always got to come in with your best offer immediately. Working with a top real estate agent near you is the easiest way to ensure your home search is successful, and it’s a no-brainer since the services of a buyer’s agent are free.
