You found the perfect dream home, so you will make an acceptable offer and live happily ever after right…unless another buyer beats you to the signing table!
In a competitive market, this can not only happen, but can potentially have a far greater impact than any negotiation and the seller will RUN. Yet, more buyers erroneously fear the seller more than they do other competing buyers!
That’s why it’s important to make sure your offer strategy includes a strong stance against other potential buyers and their offers. There are several factors that make buyer competition a threat in today’s real estate market.
In today’s Seattle real estate market inventory is limited and only a few quality properties are available. Dream home status houses will become hot properties often as soon as the For Sale sign hits the pavement. Most buyers want to purchase a home that requires very little fix-up. They comment, “I want to bring in my toothbrush and immediately set up housekeeping.” To obtain these turnkey benefits, buyers are willing to pay a premium. That can translate into not only full-price offers.
Timing is everything.
In an active market, timing is everything. In the old days, you might have the luxury of viewing a home several times even dragging your relatives to see it… before you actually made an offer. “He/she who hesitates is loses” explains buyers who waiver in their buying decision today. Don’t forget that being pre-approved for a loan has leveled the playing field for a majority of buyers. If they’re all equally qualified financially, the best offer (as interpreted by the seller) gets the property.
So, what can you do to arm yourself with the upper hand with added value to capture a seller and counteract offers from other buyers?
Get PRE-Approved.
Make sure you’re financially pre-approved by a Lender for the loan you’ll need and be prepared to document this fact to a seller if requests proof of funds.
BE Honest
Be honest with the seller about your interest in purchasing the property. This doesn’t necessarily mean that you won’t negotiate a fair purchase; but it also doesn’t mean that you’ll act nonchalant or noncommittal either. Sellers often choose one buyer’s offer over another based on the level of personal interest and commitment the buyer appears to have to the seller’s home.
Communicate.
Lastly, make sure you fully communicate the desired outcome to the real estate agent you’re working with. The agent will then evaluate the best tack to take in terms of price, purchase terms, and negotiating tactics to help you realize that goal. Thach Real Estate Group is very skilled with a sixth sense when it comes down to negotiating or speaking with the other agent on the other side of the table.
The next time you’re inclined to wonder if you should take action now or keep looking better watch out if you like it somoene else may love it even more.
Posted via Seattle Real Estate-Seattle Homes For Sale
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