…Is what sellers are saying in today’s competitive market and buyers are seeing it at every turn. It’s not unusual to find a home, that’s priced correctly, receive multiple offers after having been on the market for only 24 hours. And as a result, sellers are in a dominant negotiating position.
Sellers have been waiting for this moment since 2014 when the market had just began to make a turn where homes were starting to sell again but prices weren’t going up. Today, buyers are pushing prices above current market value by as much as $10k-$15k over list price on average. So what can buyers do at a time like this to have a chance at being the winning bid?
#1 – Buyers have to make their offer more competitive by putting a larger upfront deposit down to give the seller more of an assurance they plan on sticking around.
#2 – Buyers have to go up in price. When a home has multiple offers now is not the time to attempt to play the back and forth game of meeting at the middle. You have to offer over the asking price to have a shot. But one caveat to add is that buyers should let the seller know that if the home does not appraise they could afford to cover the difference.
#3 – Buyers have to shorten their due diligence period and maybe even waive asking the seller to do any repairs following the home inspection.
These are a few of the things buyers must do in order for their offer to be competitive. Anything short of this lessens your chances of sealing the deal.