2016 might as well be named “The Year of the Seller” in the real estate world. Prices are on the rise and inventory is lower than usual. This trend can leave many buyers nervous and concerned about how they’ll find the right property.
If you fall into this category, we completely understand. The idea of putting in multiple offers and being potentially priced out of your ideal location can certainly be stressful!
However, there are plenty of ways for Northshore buyers to successfully navigate this seller’s market.
Let’s take a look at the best ways to make your offer stand out.
If there’s one thing you take away from this article, let it be to get pre-approved for a mortgage.
Sellers see preapproved buyers as ready to buy, rather than merely window shopping. If you’re prequalified, that’s a great first step, but you still have a little work to do.
The pre-approval status is granted through income verification and credit checks on the part of the mortgage lender. To go a step further, make sure you have a good-sized down payment ready as well.
If your Realtor thinks it’s wise, you might also consider looking at an escalation clause. This clause explains to the seller how much you’ll spend over a competing offer.
Consider a Pre-Inspection
In the past, most inspections have been made post-offer. However, we’re now in a hot seller’s market. If you can offer to pay for a pre-inspection yourself and negotiate any repairs, you’ll stand out from other less flexible would-be buyers.
Pre-inspections have another benefit for buyers as well. The inspection’s results will help you to appropriately price your offer. They also allow you to make an offer that is not contingent on inspection results.
Just make sure you only agree to pre-inspections on homes you’re truly interested in as the costs can add up.
Know Your Musts, Maybes, and No Ways
It’s been said that kitchens and bathrooms sell homes. These high traffic areas are important to most buyers.
But what are your must-haves? Can you deal with a kitchen that needs a little updating? Does the idea of having to remove popcorn ceilings make you want to run out the door?
Know where you can budge and where you can’t. Having a list of musts, maybes, and no ways is a simple way to prioritize your wants and stick to your guns when things get stressful.
Pick the Right Realtor
The right Realtor can be the difference between finding a home you love and a house you can deal with.
An experienced Realtor knows the market, upcoming listings, negotiation techniques, and how to navigate a multiple offer situation. They’ll be able to tell you which properties are bringing in tons of potential buyers, and which owners are flexible on price points.
If you’re looking for a real estate team dedicated to achieving the best results for their clients, look no further. Get in touch with our experts at the Williams Team today; we’re ready to help you make the strongest offer you can, and land the home of your dreams.