From the outside, most people thought that with all of the economic chaos, massive job losses and social distancing, the housing market would take a drastic hit that would be very difficult to recover from. Au contraire mon frère!
Logan Mohtashami of Housingwire says, "Today, existing home sales blew out estimates with new home sales, pending home sales, housing starts, housing permits, and purchase applications. We are already in v-shape recovery mode across the board for housing."
Many home buyers are experiencing tough times out there with little inventory and an overload of buyers to compete with. In my experience, here are some things that will help up your ante in the current market.
1. Up your offer. Money talks. ...
2. Have your pre-approval ready. Sellers are looking for strong buyers who are going to see a contract through to the end.
3. Increase the amount you're willing to put down.
4. Waive your contingencies.
5. Pay in cash if you can.
6. Shorten your "Due Diligence."
7. Include an escalation clause.
8. Have your inspector on speed dial.
9. Get personal. Write the sellers a letter telling them about you and explaining why you love their home. Include a photo. (this has worked for me several times)
Luckily, it isn’t always the highest offer that’s accepted. Using a few ‘tricks of the trade,’ you can make your offer stand out as the most appealing to the seller. Having an experienced agent on your side is extremely important and could make our break getting your dream home.