Almost every buyer in today’s market has faced the challenge of the seller’s market. Homes selling the moment (or even before) they are listed, homes with multiple offers, and of course, the dreaded multiple offers, sold over asking with appraisal and inspection waivers! Just to name a few!
Never before has it been so important to set the proper expectations with your buyers and arm them, and their buyer’s agents” with all the strategies at their disposal to make the odds move in their favor. This also includes defining for each buyer all the things they can be doing every day to improve as buyers.
We have talked a great deal about this before, but we are seeing solid results from people who are on the ground and getting deals done because they used one or more of these strategies:
• The quality of the offer is stronger because of the fully documented preapproval.
• The speed at which we can close can make our offer stand out over others.
• Working to bank as much money as we can to make stronger offers. Additional part-time work is available in most of the country.
• Using stimulus money, tax refunds, gifts, retirement funds, and even selling off other items to improve cash position.
• Considering paying off outside debt to improve scores or increase purchasing power.
• Lowering the down payment to free up cash so if the house doesn’t appraise, cash is available if the buyer chooses to do so. Even if that means accepting PMI to make it work.
• Increasing down payment to improve loan program and/or to lower borrowing costs.
• Getting really clear about the child tax credit that starts July 15th 2021 for most families with small children. Up to a $300 payment each month per child from July through December could really help the situation during the looking process, or for those who begin the search soon.
There are many challenges in today’s housing market for buyers. However, everyday people are getting offers accepted and families are winning the home of their dreams! The key for us in helping our clients and referral partners is to be certain we are helping our buyers buy better, by having all the tools and strategies at hand to help them win the deal!
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