You’ve finally found your dream home. You’re ready to pay the asking price and you can see already visualize arranging your furniture in the new home. Unfortunately, buying a house isn’t that straightforward because currently, the market favors sellers. In a seller’s market, there are more potential buyers than there are houses for sale. As a result, you will be competing with multiple buyers for the same home. So, what can you do to stand out from the others and get your bid noticed? Here are some tips to get your offer accepted.
Get Your Offer Accepted in a Seller’s Market
Make a Cash Offer
Offering to pay cash for a property will make your deal more enticing for a seller who wants to close quickly. Buying a home in cash also helps you avoid the fees and interest charges that come with taking out a mortgage.
If you make a cash offer, you’ll typically have to prove you have the funds to purchase the home. Be prepared with bank statements or other documentation. Sellers often prefer cash because they can deal with the buyer directly instead of financial institutions.
Get an Offer Accepted by Increasing Your Down-Payment
If you can’t pay for the house in cash, commit to a higher down-payment to make your offer more attractive. A larger down-payment shows that you’re serious about buying the home and capable of financing the purchase. Generally, a down-payment of 20% is considered standard, so you’ll edge out other buyers if you can offer more.
Bid More Than the Asking Price to Get Your Offer Accepted
Your offer won’t be accepted if it’s too low. To increase the odds of beating out other bids, offer more than the asking price. Offering slightly more than what the seller is hoping for will show the owner you want to purchase their house and it will push your bid to the front of the line.
Hire an Experienced Realtor
Real estate transactions can get complicated. Use a local realtor who has plenty of experience in closing a deal. This will alleviate the burden of trying to understand the complexities of the transaction. Hiring an experienced agent will save time, money, and help you get your offer accepted.
Don’t Ask for the Seller’s Exclusions
Exclusions are fixtures and fittings that the seller doesn’t include with the sale of the property. Common exclusions include items like light fixtures, furniture, built-in stereo speakers, and surveillance equipment. If there is an item that the seller has excluded, don’t ask for it. This could weaken your offer even if it was relatively attractive.
Submit a Bid Early
The real estate market moves fast. A house that’s listed today could be gone tomorrow. So, if you find a house you love, act fast. Submitting a strong offer early on will keep you on the seller’s mind and help get your offer accepted.
A seller’s market can frustrate and overwhelm buyers. By using these strategies, you boost the odds of getting your offer accepted and landing your dream home.