Today’s housing market makes the concept of supply and demand very clear. With a lower inventory of homes combined with increasing housing prices, you’re likely to catch yourself landing in a situation where there are multiple offers made for the house that you want to buy. Keeping these things in mind helps you to maintain a clear head and help your offer stand out to the seller.
Get Ready to Go Fast
In the past, buyers had tons of time to look at houses and mull over their decisions. Now, the average house is only on the market for a little over two weeks. This is why trying to shop for a home by yourself can put you at a disadvantage. Discovering that there are already multiple offers on a home means that you’re already starting out at the back of the competition. Real estate companies in Estes Park have the inside scoop on which houses just hit the market. Once they help you find a house that suits your needs, they’ll help you write up an offer and submit it within a time frame that can help you beat out the other buyers.
Be Prepared to Go In Strong
The old standby of making an offer that is near the asking price is no longer always the best recommendation. With multiple offers, bidding wars can drive up the price significantly. Sellers have no incentive to take the lowest bid, which means that you’ve got to play your cards right. Coming in with an offer that is slightly higher than the asking price shows that you mean business. Keep in mind that you still want to leave some room to make a counteroffer if you need it. Your real estate agent can help you figure out how to come in strong while still being able to negotiate if the seller is interested in your offer but has reservations.
Know When to Bend and Flex
Being on the buying end of a seller’s market is hard, but you’ll find that most sellers are reasonable people who just want to be done with selling their home. It is common to enter negotiations after you make your offer. Consider being open-minded about common requests such as being flexible with the move-in dates and small contingencies. However, you’ll want to remain firm regarding the need for an inspection unless you’re fine buying the house as-is. Most sellers will respect your need for reasonable boundaries and be likely to take your offer when you’re willing to work to help them meet their needs, too.
Until the housing market evens out, buyers need to take the right steps to make an offer that the seller can’t refuse. Going into the home buying process with an agent by your side allows you to use their experience to figure out the right amount to make for an offer along with when to negotiate. While the process may be fast and furious, you’ll find that it goes smoothly when you know exactly how to handle competing with other buyers.