9 Ways to Stand Out in a Competitive Market

9 Ways to Stand Out in a Competitive Market

It’s a seller's market out there. Homes are going quickly and drawing multiple offers. As a buyer, you may wonder, “How in the world will I get my offer approved?” Luckily, I have nine tips to help you today: 

1. Stop overthinking everything. Call a great real estate agent, like me, go out and look at properties and—when you find one you like—put in an offer. I know that all of you analyticals out there are stressed out, but you’ve just got to get out there and react.  

2. Be ready to pay at or over asking price. “But I watch HGTV and those guys make low offers and buy foreclosures all the time! Surely I can to that!” Not in this market. Banks and sellers know that they will get top dollar. If you are buying a home, get ready for a bidding war because that’s the new normal.

"A tiered offer is a great way to make sure your offer is higher than others."

3. Make a tiered offer. Let’s say you submit an offer on a $300,000 home. You would say, “I allow the listing agent to raise my offer in $1,500 increments up to a certain amount.” That way, your offer will be $1,500 over the next offer. A tiered offer is a great way to make sure your offer is always the highest. 

4. Will the seller make multiple counteroffers? Have your agent ask the listing agent if their seller will just pick one offer to work with or if they will counter all of the offers. If they just plan on taking one, then you need to submit your best offer. Then, if you’re not selected, you can walk away knowing that you made your best offer rather than sitting around with false hope. 

5. Cash is not king anymore. At the end of the day, sellers don’t care if they get a bunch of nickels and dimes or a check from the title company. They are going to get at or over asking price in this market, so don’t expect to pay less for a home just because you have cash. 

6. Be proactive. Have your real estate agent set up daily listing alerts for you. Review those and drive by any properties that you’re interested in so that you can strike when a new listing hits the market. Our website updates every five minutes. Sometimes, a home is only on the market for a few minutes before showings start to pop up, so if you’re not on top of these alerts or you’re unavailable to look at a home, it can be really tough to find something in this market. 

7. Consider new construction. There are a lot of new homes and plans in the MLS. You will have to pay a bit more for a new home, but you will be away from the feeding frenzy. If you don’t have to move into a home right away and you can wait for one to be built, new construction is the way to go. 

8. Include smart contingencies. If you are buying a home while selling your current one, make sure it’s under contract and has passed the inspection so you can make a nice, clean offer. Include your pre-approval letter and throw down more earnest money if you can. 

9. Take some Dramamine because this is going to be a wild ride!

If you have any other questions or if you need any help navigating our current market, just give me a call or send me an email. My team and I would be happy to help you!