With a limited number of homes for sale today and so many buyers ready to act, you will most likely find yourself in a bidding war at some point.In this type of competitive housing market, it’s important to know what tactics you can try to help you beat the competition. While a real estate professional is your ultimate guide to presenting a strong offer, here are a few things you could consider.
Offering over Asking Price:
When you think of sweetening the deal for sellers, the first thought you likely have is around the price of the home. In today’s housing market, it’s true more homes are selling for over asking price because there are more buyers than there are homes for sale. You just want to make sure your offer is still within your budget and realistic for the market value in your area – that’s where a local real estate professional can help you through the process.
Putting Down a Bigger Earnest Money Deposit:
You could also consider putting down a larger deposit up front. An earnest money deposit is a check you write to go along with your offer. If your offer is accepted, this deposit is credited toward your home purchase.
This shows the seller you’re seriously interested in their house and have already set aside money that you’re ready to put toward the purchase. Talk to one of our team to see if this is something you can do.
Making a Higher Down Payment:
Another option is increasing how much of a down payment you’re going to make. The benefit of a higher down payment is you won’t have to finance as much. This helps the seller feel like there’s less risk of the deal or the financing falling through. And if other buyers put less down, it could be what helps your offer stand out from the crowd.
Non-Financial Options To Make a Strong Offer:
Realtor.com points out that while increasing these financial portions of the deal can help, they’re not your only options:
When it’s time to make an offer, partner with a trusted professional. They have insight into what sellers are looking for in your local market and can give you expert advice on what levers you may or may not want to pull when it’s time to write an offer.
In today’s hot housing market, you need a partner who can serve as your guide, especially when it’s time to write an offer. Our team at Corken + Company is your best resource and coach for making the strongest offer possible for your specific situation.
Find more ways to win in a bidding war at:
https://www.keepingcurrentmatters.com/2022/05/03/things-that-could-help-you-win-a-bidding-war-on-a-home/
