Here are five strategies we’ve been using to help homebuyers find success.
This year’s real estate market can be described as a hot seller’s market. That’s great news for homeowners, but it has created some challenges for buyers who are looking to purchase a home. Here are some of the top tips we’ve been communicating with our buyers to help them win.
First, get in the game. If you’re going to buy a home, you need to educate yourself on the market, what strategies are working, and what you need to be doing. The strategies that worked just six months ago won’t work today. It’s critical to hire a local real estate professional who knows the local market and specialties in your target market.
Your next step should be to use an excellent local lender. They’ll be able to help you navigate through the mortgage process. Don’t wait on this step, because it could cost you your dream house. Get with a lender before you even begin your home search. Finally, have realistic expectations about the home-buying process.
What have we been doing to help buyers win? These are our top strategies:
1. Offering more earnest money. It shows sellers how serious you are. 1% of the purchase price is a great amount to offer and tends to grab the seller’s attention.
“The buyers who are offering these things are the ones who are winning.”
2. A letter of introduction. This gives the seller an opportunity to get to know you and helps you feel connected as well.
3. Appraisal gap coverage. If you’ve made an offer over list price, this is a guarantee that you’ll cover the difference between the appraised value and the agreed-upon purchase price if the home doesn’t appraise to it.
4. Agree to pay the seller’s closing costs.
5. Paying for services such as termite, septic, and home warranty.
While a lot of buyers might think these items are excessive, the buyers offering these things are the ones that are winning in multiple-offer situations in this market.
If you have any questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.