It is a tough market out there for buyers right now and it’s important that you work with the right agent. Our team works hard to help buyers win in this market, and you should make sure you work with an agent who knows how to compete with other offers.
Last weekend, I was doing an open house for one of my sellers. It was a hot listing that went on the market Wednesday and by Saturday, we already had a full-price offer in place. However, we still held open houses that weekend because we had already said we would wait to review offers that Monday.
One of the buyers who walked in had seen our advertising and really wanted to check out the home. However, they were also bummed because they had just lost out on a house. I said, “I know, it’s a pretty tough market out there. We’re doing a lot of escalation clauses.” I mentioned a few other things we do to help our buyers get ahead in the current market, and they just said, “What’s that?”
Their reaction really gave me pause because we talk about how we can help our buyers win so frequently that it just becomes an automatic part of our process. There are tools you can use to make your offer better than someone else’s and there are ways to put your best offer forward. You don’t have to max out your budget right away; you can start out softer so that you are able to get stronger down the line, and we can help you get that house. “We have tools and strategies to help buyers win in this tough market.” I took the time to educate this buyer, which still benefits my seller. “Let’s say we have a full-price offer. Here is how you might craft your offer to get the home.” They hadn’t heard any of these strategies before. But they still thought it didn’t matter because the main problem was the seller probably wouldn’t pay the closing costs. My answer? “That’s no problem at all!”
Most sellers are willing to pay closing costs, especially if they get the price they want for the house. I gave them a few different points to make their offer better. They went back to their own agent and wrote their own offer. The agent called me the next day with some questions. The buyer wound up getting the house for $15,000 less than their max and my seller was able to get $5,000 more than they expected, even after paying the buyers’ closing costs.
We can make this happen for you. Don’t assume that just because your agent is part of a big team means they will know, understand and use all of the strategies necessary to win in this tough market. Talk to your agent about what happens when you’re in a bidding war. If you’re not sure what questions to ask them, give me a call and I can help you out.
If you have any other real estate questions, please don’t hesitate to reach out to me. I look forward to hearing from you!