A seller’s market makes it challenging to get your offer accepted. When the market has fewer homes for sale than buyers who want them, having a mortgage pre-approval and offering full price is often not enough to seal the deal.
Constantly having to deal with sellers accepting other offers is frustrating when you’re trying to buy your dream home. But there are a few things you can do to make yourself stand out from the competition. Read on for a few tips on how to improve your chances and get your offer accepted.
Use an Experienced Realtor
New realtors have the basic knowledge to help you buy a home, but the lack of experience in making deals and closing might be hindering your home buying efforts in a tough market.
Hiring an experienced agent who has written hundreds of offers in every type of market will make the process smoother for you. When you hire an experienced realtor, you’ll be giving yourself access to expert advice on how to build the most attractive offer possible that will help you get your offer accepted.
Make Your Offer as Simple as Possible
An offer full of contingencies and concessions might make your offer less appealing to a seller who has to choose between you and several other buyers. If you can make an offer that isn’t contingent on the sale of another property, the seller might prefer yours over others. This is because they won’t have to wait for another sale to go through before they can close on their home.
Making your offer free of concessions, such as asking the seller to help with closing costs or requesting an appraisal, will also make it all the more attractive to the seller and increase the likelihood of getting your offer accepted.
Pay with Cash to Get Your Offer Accepted
In a competitive seller’s market, offering to buy a home with cash is one of the best ways you will make your offer stand out to a seller. Buying with cash not only proves that you’re serious but also shows the seller that you have the financial means to close the deal quickly. A cash offer also helps you as the buyer because you’ll avoid the interest and extra fees that come with taking out a mortgage.
When the real estate market is short on houses, it is hard to compete with all the other buyers on the scene. It’s important that you take the necessary steps to make your offer stand out from your competition. Working with an experienced realtor and showing the seller that you’re willing to go the extra mile to seal the deal will help you get your offer accepted.