Competing in a Seller’s Market

Using a buyer’s agent when purchasing your home is a free service to you, so why not take advantage? Your Realtor will walk you through putting in an offer and let you know what is necessary to make your offer stand out. When it’s a seller’s market, you can’t always compete against an all-cash offer from a buyer wiling to close quickly. But there are some things you can do to make a great impression with sellers:

  • Making a higher down payment – 25 percent or more. Sellers will worry less that you won’t qualify for a mortgage and know you are a serious buyer.
  • Offering to make a larger earnest money deposit can impress: it signals you won’t easily back out of the deal.
  • Shortening the contingency period and not asking for large seller concessions shows you’re committed to moving quickly.
  • For the right seller, a heartfelt “buyer’s love letter” may tip the scale in your favor.

Sometimes it’s not the highest-priced offer that wins the day, but a buyer willing to go the extra mile.

Contact me for more tips on current markets, your purchasing timeline, and how to properly prepare.

-Jessica

 

 

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