Buying a home in the spring means more competition among buyers, so being prepared is a must. Getting your finances in order, deciding on a neighborhood, and brushing up on your bidding strategy are key ways to make sure you get the home you want. Making your offer stand out is an absolute must. Our REALTORS® can be a big help during the entire process, but especially when you're making an offer or stuck in a bidding war. Here are some tips to navigate the process.
- Make your first offer incredible. Don't go into the process expecting that you'll pay below list price or assuming you can make a low offer then negotiate. There is competition in the spring, so sellers won't necessarily be willing to negotiate. And when there's competition, bidding low is a surefire way to get your bid ignored. Your agent can show you a comparative market analysis from other Southport homes for sale and help structure your offer right the first time.
- Prepare for a bidding war. When competition is plentiful, knowing ahead of time that a bidding war is a possibility, and what you're willing to do in that situation can help you keep perspective. You may want to discuss an escalation clause or another strategy with your agent that can give you an advantage.
- Offer more money. If you're competing with multiple offers or caught in a bidding war, the most tried and true strategy is offering more money. There are a few ways to do it. You can outbid other offers, increase the amount of the down payment, or even pay cash if your financial situation allows it. Keep in mind you don't always have to increase your offer by much; sometimes a few thousand will do it.
- Offer different terms. There are many things other than the price that can be negotiated in a real estate deal. Ideally, you want something that creates a win-win scenario. Your agent can be a big help here. They have to communicate with the seller's agent, so they can often give some insight as to what the buyer might need, why they are selling, or where you may be able to negotiate. And that's the kind of information that will help you present a better offer. You may be able to give them a longer or shorter closing time, a different share of the closing costs, a leaseback, home repairs, or personal property like furniture or appliances.
- Be willing to waive a contingency. If you're competing with several other offers or in a bidding war, waiving a contingency or two may give you the edge. This can be risky so it should be an informed decision. Your agent can let you know which contingencies can be waived and which can't, what the consequences are, and what might work for your situation.
Buying a home and negotiating with a seller can be a complicated process. Having the right agent on your side can make a big difference. It can help the process go smoother and increase the chances your bid will get accepted on the home you love. Our agents at Margaret Rudd & Associates can help you at every step of the home buying process. Contact us today to get started!