What do I need to do to win an offer on a house in the Triangle Area
Raleigh, Durham, Cary and surrounding towns
Guess what? We're mid-way through 2022 and people still need homes in the Raleigh, Durham, Cary and Triangle areas. Yes, interest rates are up. However, there are still people who need housing. This is one of the top markets in the US. Pricing here is expected to double again in the next 5 to 10 years.
While we will see the ebbs and flows of the Real Estate market, it is still a seller's market. So let's talk about how to win an offer.
✅ Great Realtor
✅ Great Lender
✅ Great Attitude!
✅ Be Decisive and have the Ability to make quick decisions and move swiftly
✅ Willingness to compromise
✅ Well put together offer
✅ Don't second guess
✅ Hold on to your investment
Great Realtor - Honestly, you need a great Realtor just to get the attention of the seller. A really good agent will know how to put together an offer than is acceptable to the seller. Keep in mind, YOU (the buyer), makes the decision. If you can't go higher in price or do what it takes to win, that is difficult to get past. Your agent will have inside knowledge about what is winning offers these days.
An agent with a good reputations goes a long way as well. As agents, we recognize agents who have been in the business, are polished, professional and competent.
Your agent needs to keep it professional and keep their personal emotions out of the decision process. Newer, inexperienced agents don't always see the value in winning a home. So many agents told their clients to wait until the market improved back in 2019. Well, those buyers probably lost out on a lot of equity.
Great Lender - A great agent will surround themselves with excellent vendors such as mortgage lenders. Your mortgage lender can make or break a deal. If they're not on top of things you could lose money. For example, if you make an offer based on a pre-approval from your lender only to find out you can't get the loan, you've just lost your due diligence fee. If your lender can't close on time, you've just lost your due diligence fee. So many things can go wrong with a lender so find one where so many things go right!
Great attitude - This is huge. You need to be prepared to not get too attached to a home, not get angry, and not let your nerves and anxiety control you. Don't expect everything from the seller. It is a seller's market.
Patience - Sometimes you'll get the house you make the first offer on. Most of the time you won't. Be prepared to make multiple offers. Be prepared to see a home in 15-30 minutes and make a split decision. Be prepared to show up to a house only to find out it went under contract. Be prepared to wait for a house to go on the market only to find out they took an offer sight unseen. I could go on. Make it fun!
Be Decisive and move quickly - Unfortunately, there is no time to deliberate. Don't wait to see if they get other offers. How much sense does that make? Either you like the house and you're willing to take a risk or you don't. I know that sounds kinda mean but it is the market.
Willingness to compromise - In my experience, people have an idea of the perfect house in the perfect world and they rarely get it. There's always something better. Know what your deal breakers are and what would be nice. Be willing to compromise. It doesn't have to be your last house.
Well put together offer - This is HUGE! The terms of your offer are important. I've listed a few things to consider below. Go in with your BEST offer because you probably won't get a second chance. Also, make sure your agent knows how to write an offer. Double check Your offer to make sure it is what you want it to be and that everything is completed. Agents are writing offers like crazy and it is easy to miss something. A poorly written offer doesn't compete against well written offers and they lose the confidence the seller has of your agent getting the deal done.
Don't Second Guess - If you're fortunate enough to get the first offer you write, Celebrate! Somehow you managed to do it. Your home inspection will have a list of things that need to be repaired. If you've waived repairs, just look at it as a punch list and get those things done after closing. If it doesn't appraise for what you want, know that you're now the new comparable. The appraisal doesn't always reflect how much you love a home or how much the market is willing to pay. While most appraisers do an outstanding job, sometimes you just get a bad appraisal.
Hold on to your investment - A house is a home and a great place to make memories. It is also an investment. It usually isn't possible to buy and sell at the best time. Choose one or the other. If you're moving up, perhaps buying during a buyer's market is better. If you're downsizing, perhaps selling during a sellers market is best. You usually can't have it both ways unless you're willing to gamble and are really good at guessing what the market will do next.
As I write this, I realize we're in a shifting market. It is important to note, Real Estate is always changing. It is one of the things I love most about this business. There are people on the sidelines waiting to see what will happen next. And there are people taking advantage of the shifting market to buy a home while competition is lower. If you want to own a home or be in the investment game, it is a great time for you.