If you’re a buyer in this market, here are four ways to craft a great offer.
Today’s real estate market is a lot more competitive for buyers than it was in the past. Inventory is down and offers are up on single-family homes. If you are a buyer in a bidding war, what can you do to make your offer stand out? Here’s my advice:
1. Have shorter contingency periods. Getting rid of the appraisal, inspection, and financial contingencies altogether would make your offer extremely strong, but that comes with greater risk. If you’re intent on protecting your position as a buyer and want to keep some contingencies, then let’s at least make sure that the period you’re asking a seller to wait is as short as possible.
2. Write a strong earnest money deposit. It’s just a number, but showing a seller that you really care about the home enough to put a larger amount down on it can really speak volumes.
3. No closing costs. Some sellers just have a stigma about paying closing costs in this market.
4. Write a strong offer upfront. Ultimately, this is the number that speaks the loudest. Homes are selling for 98% of their list price on average so make sure it’s close to or at full price.
If you have any questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you.