The lowest market times in years, plus historically low inventory. What does that equation amount to for buyers? One very competitive market! It’s as important as it has ever been for buyers to be prepared, and come in with strong offers right out of the gate. So I’ve put together my four biggest tips for writing a competitive offer.
- Tap into emotion: It may sound counterproductive, but this is the time to really tap into your gut to gage how badly you really want a property. If you are dead set on a home, then your mentality throughout the offer and negotiation process should be getting the deal done as quickly as possible by positioning yourself for a response. Cut to the chase!
- Do your research: This step is absolutely crucial to formulating a strong offer because taking into account factors like the state of the market and comparable property values will tell you exactly how strong your offer is relative to market value.
- Keep it clean: Clean offers include all relevant information (pre-approval, signed disclosures, etc.) and also address any seller-specific motivations. Have your broker ask the seller’s broker if the sellers are looking for a specific close date, earnest money, etc. to make your offer stand out as much as possible.
- Act fast: With our current seller’s market, there is definitely a first mover’s advantage. If you are sure this is the property for you, then do everything you can to get your offer in as quickly as possible to avoid a bidding war.
To avoid feeling stressed and under the gun when you do find a property you love, try to do as much work in the upfront as possible. Pick your favorite neighborhood, get pre-approved, and familiarize yourself with the offer paperwork. All your hard work will pay off!