Making an Offer During a Seller’s Market

With the limited inventory of homes for sale in many real estate markets, it is likely you may have a client interested in a home that many other buyers are also interested in meaning they could wind up in a multiple offer situation. Some buyers find this stressful and get discouraged if they miss out on their dream home because others want the same home. While it is unfortunate when this happens, it may open the opportunity for another home they hadn’t considered that turns out to be the best choice. At the same time, sometimes the first home they were interested in really is the right place for them. If that is the case, they will want their offer to be selected in case of multiple offers. How can you help your clients so they get the home they want without offering an amount that is unnecessarily high?

Today’s blog offers 5 great tips to help your clients so they get the home they want without offering an amount that is unnecessarily high?

  1. Keep in communication with the listing agent of the property. From the time you schedule the first appointment, just be responsive to the other agent, and DEFINITELY provide feedback from the showing promptly and without the agent having to ask multiple times. Once you know your client has significant interest in the property, make sure to let the agent know. Homes are going under contract quickly in this market and you don’t want it to be under contract before you even realize it. Doing these things all the time is the best thing you can to do build strong relationships with other agents in your market. You can’t only do this when a buyer is interested in a home. You must do this all the time so you have a good relationship with agents all the time.
  2. Request your buyer to provide you a preapproval letter or proof of funds right away. This should be dated in the most recent 30 days so there is no question of if it is still good. This can make a big difference when sellers are evaluating multiple offers.
  3. Ask the buyer questions about their interest in the home so you understand their level of motivation. If this is just a place to live, they may be better off to find a different home that has less interest. If this is their dream home, you need to know that so you can give them the best advice to make sure they get the home.
  4. Research the value of the home. Limited inventory in some markets is placing upward pressure on home values. Don’t assume you know what a house is worth if you are basing it off sales in previous years or even early this year. Take a look at the most recent activity so you can make sure you are giving your client the most current information.
  5. Educate your buyers on how to make an offer with as few contingencies as possible. An offer that requests a longer than normal contract and inspection period, closing costs, a home warranty, and several items of personal property isn’t likely to be selected if there are multiple offers. Don’t let them make this kind of an offer without making sure they understand that upfront. Encourage buyers to make clean offers with as few contingencies as they can meaning no closing costs or home warranties and an inspection period that is as short as possible.

Making an Offer in a Seller’s Market

In real estate, you are the expert. Give your clients the best service you can by educating them and keeping them informed about what to expect. Your excellent service is sure to generate their appreciation and hopefully referrals of their friends and family in the future.

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