Multiple Offers How Does A Buyer Win?
The Woodlands and Spring Real Estate Market is in a buying frenzy with many properties receiving multiple offers the day they are listed. Housing inventory has not been this low since 2005, so what does this mean to a buyer? In a shifting market there are a few key questions. How does a buyer’s offer become the winning offer? What should a buyer expect when preparing to make an offer?
First, expect stiff buyer competition when dealing with multiply offers. With low home inventory, the homes in the best location, condition and price will go fast and furious. Some will be sold even before they are listed. So what do I do to get the home I want?
First, be prepared and ready to make an offer. It is mandatory as a buyer; you get pre-qualified by a lender. A pre-qualification letter puts you in a stronger position to make an offer quickly and have it accepted.
Secondly, prioritize your wants and needs. With low inventory you may have to compromise on your wish list, but make sure your agent understands what you want vs. what you have to have in a home. I have my buyer clients tell me the three things they cannot live without, that makes the list very specific and in a tight market you have to have your nose to the ground to find the right home.
Lastly, in a buyers’ market, you have the luxury of thinking about it and wanting to come in with an offer you hope to negotiate. In the current sellers’ market, you may not have that choice. I am not saying make a hasty decision, but I am saying while you think on it for a few days, someone else bought your dream home. Also, the days of putting in a below market offer will get you nowhere in a multiple offer situation. With home prices climbing, Sellers are asking top dollar and in most cases getting it.
One more thing to consider, if you find the home you just can’t live without and want to possibly sway the seller’s decision. Write a note to the seller telling them why the property is perfect for your family. Buying and selling a home is an emotional experience and knowing that a home someone is selling will be loved when they are gone is very important to some sellers. It works! I have happy clients to prove it.
Looking to buy or sell in The Woodlands or Spring, then contact Tina Brickhouse Keller Williams The Woodlands to discuss all your options.