It’s Friday afternoon, you get an email announcing a house for sale that fits your criteria – SCORE! You call your REALTOR®, set up an appointment to see the house on Saturday only to find out when you get there that the house has already received multiple offers and there is a swarm of buyers waiting in the front yard to see it. Sound familiar? If so, you’re not alone many buyers are in a competitive market. So, how can you buy a house without losing your mind in the process? Consider these two things: be open minded, but purposeful and make your offer about the seller, not about you.
Being open minded, but purposeful can create new opportunities and save time. Take a hard look at your “must have” list. Are all of the items on the list really “must haves?” Could you get the space you need in a one-story house instead of looking only at two-story houses? Conversely, could you consider a two-story house if the floor plan fits your needs? What about working with a house that needs a little updating (not a total remodel) instead of one that is turnkey ready? Reevaluating your “must have” list could widen your possibilities when it comes to finding a house. Be purposeful – there is no time to waste! If certain items or situations are deal breakers for you, don’t waste your time on those houses. If a pool is too much upkeep or expense for you, don’t look at houses with pools. If an extra 30 minutes added to your daily commute will make your life miserable, don’t look at houses in those areas. These scenarios may seem like common sense, but difficult situations, like a competitive housing market, can create regrettable responses.
Make your offer about the seller, not about you. Laws and contracts vary by state, but if allowable where you live contemplate these approaches to making an offer. (1) Pay fees that are typically “seller” fees if you can afford to. (2) Increase your earnest money; let the seller know you are a serious buyer. (3) Be flexible on the closing date. (4) Lease it back! Homes are selling quickly and the seller may not have found a new home yet. (5) Don’t ask for a home warranty; pay for your own if you want one. (6) Finally, write a letter to the seller emphasizing the reasons why their home is right for you! Make your offer as attractive as you can to the seller. The offer with the highest sales price isn’t always the offer that is accepted.
Buying a house in a competitive market can be frustrating at best. Being open minded while purposeful and making your offer about the seller, not about you aren’t guarantees to an accepted offer; however they just might help put you in the path of the house that is meant for you.
