When I was younger, my family used to play a card game called "Samurai Solitaire". I think someone in the family may have invented it, but I'm not sure. It was similar to the typical game of Solitaire, except that every time a player got an ace and started a new pile, those piles were shared among the players. As a result, all the players were racing to be the one to get their 2 onto the available ace, their 6 onto the 5, and so on. The game inevitable led to lots of hand slapping and plenty of laughter.
I realized the other day that I'm playing a similar game with some of my buyers now. When a good bargain comes into the market these days, it's snatched up very quickly. The other day, I called to make appointments for some of my buyers to see five properties; three in Scottsville and two in the City of Rochester. Two of them were already under contract, one in each location. Then yesterday, I called on eight properties in Wayne and Ontario counties. Four of them were already under contract. That's 50%!
I've been lucky not to experience this myself recently, but I've heard several agents in my office say their buyers were involved in multiple offer situations lately, and that their offer was not chosen by the sellers. That's always frustrating for buyers.
That's why I feel like we're playing the real estate version of Samurai Solitaire. When a good deal hits the market, all the buyers are trying to get their card onto the pile first. Sometimes, it may feel like we're slapping one another!
So, what can buyers do to keep themselves ahead of the game? Here are some tips for competing in today's hot market.
- Be ready to move quickly. Have a pre-approval letter in hand and enough money in your checking account for a strong deposit. If the right home comes along, don't sleep on it, or you won't be sleeping in it. Make an offer!
- Lose the contingencies. A couple of weeks ago, some of my buyers had their offer rejected because the seller had lots of other interest and wasn't willing to consider a contingent offer. Sell your home first, and then put in the offer. It's the best way to go about things in a busy market.
- Stay on top of new listings. Have your agent set you up so that you'll be automatically e-mailed new listings that match your criteria. Then you can be sure to get to them before your competition.
You can get a great deal in the Rochester area, you just have to be ready to slap that card down!
Happy House Hunting!
*****
I am proud to help buyers and sellers in the Greater Rochester, New York area find the homes of their dreams. If you are considering purchasing or selling a home in the Rochester area, don't hesitate to contact me. I pride myself in providing the best possible service for my clients!
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Kristen Wahl
Realtor Associate
(585) 455-5524
KWahl@RealtyUSA.com
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