Everywhere you look, real estate analysts are praising the local housing market for growing in strength and increasing in activity.
But for home buyers, this increased interest in the market can make navigating the market that much more stressful.
That’s why I started a new series last month in which I share my top 10 tips for navigating a bidding war.
Today, we’re on Tip #4 of 10!
This Week’s Tip: The house is still on the market for sale while you’re negotiating your offer
As I have previously mentioned, until a contract is signed by all parties and delivered back to all parties, the home in question will remain on the market and available to other potential home buyers.
Even though the seller has your offer and perhaps has even countered your offer, the seller can still accept new offers.
Therefore, “fast” is the key if you want to guarantee that your dream home will become your next home.
After all, if you came to the conclusion that this home was “the one,” chances are that other home buyers are going to recognize the same great qualities in the home and arrive at the same conclusion.
Thus, expect competition. Don’t be shocked by multiple offers and whatever you do, don’t run away at the first mention of a second offer on the table.
If this really is your dream home, stick around. Play to win. And remember that the best offense is a good defense.
This means that your best strategy for winning the home purchase contract is to move fast, make a great offer and keep in close contact with the seller.
Make an offer that the seller can’t refuse. In order to do this, ensure that your Buyer Agent contacts the Seller’s Agent to ask these key questions:
- What is the most favorable closing date for the seller?
- Is there any personal property the seller would not want to include in an offer?
- Is there anything I need to know about the seller’s situation?
- Is there anything I can write into the offer that would bring the seller peace of mind?
Also, ask your buyer agent to research the sold properties to see what kind of sales-to-list ratio is common for the seller’s neighborhood. This information will prove telling because the seller has likely already looked at this information as well, setting their expectation.
Armed with this valuable background information on the seller and the surrounding neighborhood, you can make a purchase contract tailor made to the seller’s needs and wants, giving you an increased chance of your offer being accepted.
How Can We Help You On the Raleigh Area Real Estate Market?
Tune in next week for another tip on how to win a multiple-offers situation. If you’re a home buyer, you’ll want this information!
For now, if you’re interested in receiving additional help on the Raleigh area real estate market as a home buyer, please make sure to contact us at Linda Craft & Team. We have the tools and know-how to guarantee you a successful outcome on the market in the Raleigh area.
Until next time,
Linda