The spring real estate market is competitive. It isn’t at all unusual for a home to get offers the day it comes on the market or even before. Buyers who must buy in April need to be able to compete with other home buyers and win.
Here are a few ways to beat the competition:
- Don’t wait for an open house, make an appointment and see the home as soon as it comes on the market.
- Be willing to look at houses before the weekend. look on your lunch hour or in the evening or leave work early. Get to the house first.
- Have an up-to-date pre-approval letter from a mortgage lender.
- work with a lender who is responsive.
- Work with a real estate agent who has experience and who is responsive.
- Decide ahead of time what your downpayment will be.
- Remember that if you are asking the seller to pay your closing costs that comes off of their bottom line. I have watched many buyers lose out by asking the seller to pay buyer closing costs.
- Be ready to move. An offer with a closing date months in the future might not be what the sellers are looking for.
- Be flexible on your closing date.
- Low ball offers on houses that were just listed today almost never work out.
- Always keep in mind that the current market is not fair or balanced but it is a seller’s market.
Loosing out on a house is not at all unusual. Learn from it and move on to the next opportunity.
One common mistake is to offer less as a starting point. In a multiple offer situation, the seller chooses the highest and best offer rather than negotiating with lower offers. Never assume that if you offer X then the seller will counter with Y. Always be ready for the unexpected when dealing with people involved in buying or selling real estate.
Also, be aware of the fact that the special house you just found is probably going to be found by a zillion another home buyers. You won’t be the only interested buyer.
It is easier said than done but it is important to not get emotionally involved with the real estate that you are bidding on.
There is always another house for sale and who knows the one you end up with could be better than the one you lost out on.