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Inventory is extremely low, builders have not quite kept up with demand, we have an increase of buyers in the marketplace, but not an increase in home sellers. Each of these factors makes for an extremely competitive market for buyers. Today, I'll share some tips with you to be successful in this market.
- Get pre-approved. The pre-approval works as your checkbook and lets sellers know that you are serious about buying their home. Having a pre-approval tells sellers that you have all of your ducks in a row, giving your offer an edge over the competition.
- Increase your deposit or earnest money. Typically, earnest money is about 1% of the home cost. By doubling the earnest money or raising your down payment, you show sellers that you are ready to purchase their home.
- Allow flexible contingencies. There are inspection, financing, and arbitration contingencies. You can make your offer stand out by making your contingencies less aggressive towards the seller.
- Consider price. Skip low-ball offers. You need to make a competitive offer within the home's market value. Work with an agent to win the home.
If you have any questions, give me a call or send me an email. I would be happy to help you!
