Winning in This Market

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Real Estate

Buying Home Multiple Offers

2021 has presented us with some very unique challenges in the Real Estate industry.  Many sellers are contemplating whether to list their home for sale.  Buyers are navigating the challenge of multiple offers on their dream home.

In this blog post, I share some of the tips I use to help you WIN as a Buyer and Seller.

WINNING as a SELLER

Ask yourself a few simple questions

1) How much value does your current home carry? The difference between what you paid for it and what it is worth today.  Most sellers have no idea whether they have accrued enough value to cash out and upgrade or downsize.  Evaluating how much you paid for your existing home, the outstanding loan amount, and the value your house carries today and what it could sell for in this current market is something I can help you determine.

2) Once you have decided to list, how much do you sell for? The rule of thumb is to PRICE TO SELL. There is nothing like a home sitting dormant in a HOT MARKET.  Contact me to discuss a competitive price opinion.

3) Which offer should I accept?  Gather all those offers up, sort them out and look at the advantages or disadvantages of choosing either of them.  I use a tool to compare each facet of the offer. Let's just say I do a deep dive with every seller to show them the benefits of the top offers. Whether you have 1, 2, 5, or 20 offers, knowing how to vet them out is a skilled practice that only an experienced agent can guide you through. Not only do you want to consider the offer price but you want to look at what the buyer is willing to compromise on to WIN.

3) Where will you move to? Tour several communities and decide on an area that suits your family dynamic.

 

WINNING as a BUYER

1) Get your pre-approval from your preferred lender and let's go shopping.  You should never go shopping without money.

2) Once you know your budget, have your agent find homes within your price range.  In today's market, most offers are forcing buyers to go $20,000 to $30,000 above the list price.  In this situation, you want to adjust your budget by the amount you would be willing to pay over the list price. For example, if your approval amount is $250,000 but you want to stay at or below $240,000, AND you know every home in this price range is selling for $15,000 more than ask, I suggest lowering your budget by the amount you are willing to go over ask.  In this case, your search should only include homes at a max price of $225,000.

3) Making your offer strong will include foregoing an appraisal, inspection, no seller contributions, buyer contributions to seller closing cost, title and any other concessions you as a buyer want to pursue to win it.  Work with your agent to WIN it!  Remember to be PATIENT, COMPETITIVE AND FLEXIBLE.


Ready to Get Started? – Contact me today