If you’re a buyer in our crazy, hot market, you may be wondering, how do I compete? While most properties are receiving multiple offers and bidding wars, it is very possible to be successful in our market.
I have an 8-step process for helping my buyers be successful. These steps begin with being pre-approved for a mortgage and knowing the maximum amount you can afford. I have a list of wonderful lenders who can help you with your pre-approval.
My 8-steps include recommendations on pricing and how to make your offer stronger. If you’d like to learn more about the 8-steps, please contact me.
Another option in our market is to look for homes that have been on the market for more than 2 weeks. It’s very possible these homes have been overpriced, so even if the list price is higher than your max budget, you may be able to negotiate to a price in your range.
Let’s talk about your home buying needs. Phone/text 206-790-0081 or email me.
I have been so busy over the past week that I barely have time to write this post. Any question about how hot the market is? Here’s a story for you. Yesterday I submitted an offer on behalf of a client for a wonderful Phinney/Greenwood home. There were 9 offers including ours, and I believe all but one conducted pre-inspections. As one of the other brokers submitting an offer said, it was going to be a “blood bath.” Many of the offers had escalation clauses – and boy did it escalate. I can’t disclose how high it went until after the transaction closes, but my buyer did not have the highest – we came in 3rd. The offer that had the highest dollar amount had weak financing and wasn’t willing to do anything to change the financing situation; the next offer was only a few thousand more than ours but also had weak financing. MY CLIENT GOT THE HOUSE because she had strong financing (30% down and the lender talked with the listing agent) and my buyer was willing to come up a few thousand dollars more.
The bottom line. Financing is as important as price. And who the lender is may make a difference. My client’s lender was willing to go above and beyond to advocate for the client. On-line lenders and big banks often won’t do this. With them, you’re just one of hundreds of mortgages – personal relationships make a difference.
The bottom line. The market is still hot. A colleague had 11 offers on another listing. Inventory is low demand is still high.
Contact me at firstname.lastname@example.org or 206-790-0081 to discuss putting your home on the market or buying a home.