Here’s are some tips to present an attractive offer in a market where multiple-offer situations abound.
In our fast-paced seller’s market, if you want to successfully purchase a home with many competing buyers, here are some tips to remember:
1. Present a strong initial offer. With multiple buyers competing for homes. Your first offer may be your only opportunity.
2. Add an escalation clause. By adding this clause to your offer that states your offer will escalate by a set amount over the highest offer, up to a specific price. Sometimes outbidding your competition by a thousand dollars makes all the difference to sellers.
3. Have your lender reach out to the listing agent. Your lender can help assure the listing agent that you’re well qualified for the purchase of the seller’s home, which helps the seller feel more confident about accepting your offer.
4. Make a clean and simple offer. The best way to compete with a cash offer is to remove as many requests and contingencies as possible. Don’t request appliances, aesthetic repairs, or assistance with closing costs and the like when competing with multiple offers.
5. Send a letter. Sending the seller a personal letter about you and your family and why you want to purchase their home is a good way to tug on the seller’s heartstrings. Making a personal connection like this can make your offer more memorable.
It is important to think about these helpful tips when currently preparing an offer. The Hilton Head and Bluffton markets are very tough right now. Normally, we have around 2,300 homes for sale; right now, there are approximately 1,600 available homes currently on the market. Then to top it off, buyer activity is hot because of the very appealing interest rates. The pending homes sales for July 2020 compared to 2019 are up 55%!