It's a Seller's Market
If you are a home buyer, you may have heard that it's a 'buyers market'. It's a great time to buy a home, because interest rates are still very low, making a home purchase affordable. However when there is very little inventory on the market, it's a sellers market! This means that it is not unusual for a seller to receive multiple offers. It's almost always a good idea to write a strong offer if you are interested in the property.
It's a Seller's Market. Here are tips to win your home, when you experience multiple offers:
A Larger Good Faith Deposit sometimes reassures the seller that you are a serious buyer. Typically a good faith deposit is 1% of the purchase price (especially if it's a FHA offer); Instead, make your good faith deposit 2% of the purchase price for FHA offer. If you are submitting a Conventional offer I suggest 5% or more for Conventional loans.
Show the Sellers that you are a strong buyer, by obtaining a loan preapproval, instead of a pre-qualification. Also, ask your lender to include your FICO scores on the loan preapproval letter.
Be flexible to owner occupied properties. If the sale of the home is contingent upon the home seller finding and closing another home concurrently with the home you are buying, be flexible. Remember, it's a seller's market. If the seller is requesting time to move after the close of escrow, the average request is 3 days after the close of escrow, in your offer indicate that you are willing to give them 5 days following the close of escrow. This may be the edge that you need to sway the home seller to accept your offer!
It's a Seller's Market. No one is going to sell their home for less than list price. No one is giving away houses. If you aren’t prepared to write a strong offer, you are just window shopping. If you are serious about buying a house, you need to write your best and strongest offer, first. Do not expect to be countered. You need to make your offer attractive, which means often the offer must be above the listing price. As your Realtor, I will compile a comparative market analysis report to determine the recent home sales of comparable homes.
If you are a prospective buyer, and assistance in this seller's market please give me a call today. If you are a home owner, and interested in finding out what your home is worth, or selling your home please give me a call or email today. I look forward to earning your business, and your trust. Call me today!
<a title="Some prospective home buyers face bidding wars" href="http://realestate.msn.com/6-tips-to-win-a-bidding-war-for-your-next-home?ocid=vt_twmsnre&videoId=1aa33172-7214-4e7a-b2ce-071e5a3ad0c1&from=shareembed-syndication&src=v5:embed:syndication:&from=mpl_en-us_realestate_article_player" target="_new" data-mce-href="http://realestate.msn.com/6-tips-to-win-a-bidding-war-for-your-next-home?ocid=vt_twmsnre&videoId=1aa33172-7214-4e7a-b2ce-071e5a3ad0c1&from=shareembed-syndication&src=v5:embed:syndication:&from=mpl_en-us_realestate_article_player">Video: Some prospective home buyers face bidding wars</a>
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