Imagine finding a home you love and making an offer. Then you find out there are other competing offers on the table. Ouch. When you’re looking for a property and thinking about making an offer in a competitive real estate market, it is likely that there will be multiple offers. Even just one of these offers can create the risk that you’ll lose the home. So how do you make sure your offer is enticing enough to win over the seller?
Here are some great ideas on making an offer in a competitive real estate market:
- Don’t make a low-ball offer. If you do, it might be dismissed and, as a result, you probably won’t get another chance to bid. Especially if the other competing offers are near the listing price.
- Have a pre-arranged mortgage and include that with your offer. This will reassure the seller that there won’t be any money issues. (Most lenders will provide you with a pre-arranged mortgage certificate for this purpose.)
- Start with a price high enough so that the seller will be interested, but not so high as to be leaving money on the table. This can be quite tricky and requires a savvy knowledge of the current market.
- Always have a REALTOR® present the offer on your behalf. A REALTOR® will know how to do so professionally, and in a manner that will give you the best chance of having your offer accepted by the seller.
In a competitive situation, working with a REALTOR® who is an expert on the local market, and one who is a skilled negotiator, is crucial.
Looking for a REALTOR® and would like to find out more about making an offer in a competitive real estate market? Call or email me today. You can also check out some of my recent listings here!