Community Corner
3 Ways to Win The Home of Your Dreams
We Still Need to Think Strategically—Yes, Even in a Changing Market
This is a paid post contributed by a Patch Community Partner. The views expressed in this post are the author's own, and the information presented has not been verified by Patch.
I’ve been a realtor for nearly 10 years. Whether I’m working with a buyer or seller, I’ve learned the most important first step is to “read the room”. How can I possibly help you if I don’t understand your story? Sometimes, it’s even a good exercise for my clients to express what’s most important to them?
Once we know that, the rest falls into place.
While there are definitely rules, regulations and guidelines to which we must adhere in a real estate transaction, it’s important to know there’s also room to “think outside the box” to solve problems.
So many times I hear…”gee, I didn’t know that.”
So, in the spirit of “gee, I didn’t know that”, let’s look a little more closely at 3 ways to win in today’s market.
1. Cut The Strings: As a homebuyer, you will want to make your offer as compelling as possible. Just put yourself in the seller’s shoes. The fewer “strings attached” to your offer the better. That means, if you’re making an offer, and you have a home to sell first in order to buy the next, it’s possible your offer wouldn’t even be considered by the seller. Why? Simple. Risk. Why would a seller remove their home from the market to accept an offer that is based on a chain of events outside their control? Most likely they would not.
However, even if you have a home to sell – don’t automatically disqualify yourself.
There may be options to remove your home sale contingency from your offer. It involves planning and timing. Ideally, we cover this in our initial Buyers Consultation. Realistically, this sometimes takes a little time to sink in. (In this scenario, I typically bring my Financial Services resources to the party.) We work together to understand debt-to-income ratios, credit scores, and even assess the readiness of your current home. Together we come up with a game plan to make the most compelling offer.
2. You Snooze, You. Lose: Every day I hear people say “I really need to buy a home, but I think I’ll wait until things settle down when prices drop.” The appreciation in home values that we’ve seen since 2020 is slowing. However, don’t confuse a slowing pace of appreciation with falling prices. While the pace of the market has changed, we remain constrained by the supply of homes. As demand outpaces supply, home prices will remain consistent. If you need to make a move, get the facts about what’s going on in your market.
3. Play to Win: Most homebuyers are unable to wrap their head around paying more than list price for a home.
In some situations, you can make a low offer. Is the listing overpriced based on comparable homes? Does it need a lot of work? Has it been on the market a long time (meaning months, not days).
In other circumstances you might be able to offer exactly what the seller asks. Do you have strong terms that offset others which compete on price? What is the sale-to-list price ratio of other homes in the area?
In some situations, you need to pull out all the stops! Perhaps the situation warrants an offer which is $10-$40-$50-$150K over the asking price. Be open to the guidance your realtor provides. Sound advice will help you win in a multiple-offer scenarios without overpaying for a home, or putting yourself at risk. Understand your options, from waiving contingencies, to appraisal waivers, to limiting inspection requests.
As recently as two weeks ago, I helped my buyer clients successfully navigate this course by stepping them through this process, and yes, their offer was the one among 4 others the sellers chose!
Don’t assume this can’t be done. Learn how it can!
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