3 Smart Moves for Homebuyers in a Competitive Market

#

The housing market is moving fast; get a leg up on your competition by taking these strategies.

Currently, it’s a seller’s market. This means that buyers need to act quickly and decisively if they want a chance at their dream home. Here are three things you can do as a buyer to nab your perfect home.

  • Learn What Matters to the Seller

Find out what matters to the seller and use this information to appeal to them. For instance, if you learn that they are in a contract to buy a home, offer them a quick and clean sale to entice them to select your offer. If you know that they are trying to sell quickly, make an offer that includes a guarantee that you will have the inspection, appraisal, and other important processes done within a week. If they need a place to live but can only buy after they sell their current home, offer them a deal that allows them to remain in their home for a period of time after the sale has gone through. Adding these incentives will make your offer more appealing than ever.

  • Lock Down Your Loan

The buyer’s loan is the biggest unknown for a seller. Take away any guesswork or hesitation on their part by making a bid with your loan already lined up. When the seller knows that a sale with you is guaranteed to go through, they will be far more inclined to accept your offer.

  • Offer More Than the Sale Price

While this might sound like a bad idea, especially in a hot market, offering more than a home’s asking price will help you close on a deal fast. Oftentimes in a competitive market, buyers get into bidding wars that result in hassle and a higher price anyway. Circumvent this whole process by submitting an initial bid that’s higher than the original sale price. The seller will be more inclined to choose your offer over your competition.

Try out these strategies to help you buy in a competitive market. Want another way to ensure that your home-buying process goes as smoothly as possible? If so, contact the experienced real estate professionals at Brighton Escrow. Our team is ready to offer you top-tier escrow service in the Hermosa Beach area today.