Slim inventory, relatively low rates, and generally positive affordability and consumer confidence rates have turned negotiations into heated battles. According to Redfin, 69% of homes in June were traded amidst multiple offers. In this article published by the Wall Street Journal, it outlines the top 9 tips to being successful when a fair offer lands amidst 3 others.
- Know your area
- When it comes to price, be realistic
- At the same time, pick your "walkaway number" - and stick with it
- Be flexible on other offer terms
- Once you know you want to buy, don't dawdle
- Get pre-approval letter / prequalified
- Decide what you will do if the home appraisal is below the asking price
- Position yourself as a backup in case another buyer pulls out
- Connect with the sellers
Timing and strategy is key. Having an incredibly prompt, quick, and connected agent is key to picking up the keys to your dream home whilst leaving other offers in your wake.