As a potential homebuyer in a seller’s market, you must act decisively if you want to beat out the competition.
#1. Get a Pre-approval
A pre-approval means that your lender has verified your ability to afford a home loan for a specific amount. This process requires documentation and isn’t based on estimates. A pre-approval lets the seller know that you are a qualified and highly-motivated buyer. This can give them a sense of confidence that the sale will go smoothly should they accept your offer.
#2. Move Quickly
Highly sought-after homes, such as those in popular neighborhoods, may not become available often. When they do hit the market they tend not to remain there very long. This means that you may not be able to wait for showings on weekends or at other more convenient times. Be open to altering your schedule for showings at times that may be less than ideal.
Once you’ve found a home that you love, consider putting in an offer on the spot to begin the negotiation process. Although you don’t want to pay more than necessary for your potential new home, don’t lowball the seller—you could run the risk of losing out to more competitive offers. In some instances you may want to offer the asking price, or a little over. All-cash offers can also entice sellers.
#3. Write a Note to the Seller
Writing a personal note to the seller can help you stand out from the crowd when you’re competing with multiple offers. Essentially, the note, or letter, explains why you are the ideal buyer for their home. With multiple offers on the table, this can help you create an emotional connection with the seller and make them more motivated to choose your offer.
Remember to keep your letter concise. Explain why you love their home, and why you should be its new owner.
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