In many areas of the country, the housing market is a seller’s market right now. Summer is a popular time for buying and selling property and you’ll probably find several homes you’re interested in. With low mortgage rates, many people are hoping to buy their first home or move into a larger one. If you’re shopping for a property in this market, there are things you can do to stand out to the seller. Here are a few tips to help you get your offer accepted.
Make a Strong Offer
When submitting an offer in a seller’s market, it’s not the time to low-ball the seller. Make a strong offer at least a few thousand above the asking price. Your real estate agent will have a good idea of what similar homes in the area are selling for and he or she can recommend a solid offer.
To Get Your Offer Accepted, Submit it Early
Especially if the seller has a deadline for submitting offers, get yours in as soon as possible. Sometimes a good, early offer will stand out to a seller who is about to be overwhelmed by offers. You increase the likelihood of your offer being considered if it’s one of the first the seller receives.
Skip the Contingencies to Get Your Offer Accepted
A real estate contingency is a clause in your purchase contract that provides an “out” in case something falls through. Contingencies offer protections for buyers but in a seller’s market, they can make your offer less appealing. Common contingencies include a home inspection contingency, appraisal contingency, and loan contingency.
While it’s not recommended to skip the home inspection, you can remove other contingencies from your offer. Work with your bank to get the mortgage underwritten before putting in your offer. This way you can safely exclude the clause that lets you out of the contract if the loan isn’t approved.
You’re in a better position if you’re a first-time buyer because you don’t have a home to sell. Your purchase contract won’t need a contingency that allows for the sale of your property before moving forward with your new home purchase.
Don’t Make Requests of the Seller
When buying a home, it’s tempting to ask the sellers to include certain items. However, in a seller’s market, it’s best to make few requests. When the homeowner has to review many offers, simple, straightforward documents are easy to consider. Focus on making your offer attractive and buying the home.