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Multiple Offer Market!

As we know, the market has quickly changed to one where inventory is tight, and urgency for buyers is high. Multiple offers are becoming more and more common as homebuyers are eager to take advantage of mortgage rates before they creep higher. Here are some excellent tips for both buyers and sellers as they approach today’s real estate market.

Excerpted from the Forbes article How To Get Multiple Offers On Your Home

For Sellers:

Spruce it up. It helps when your home is turnkey. Even if you have done work to the home over the years, your house may still need some spring cleaning: repainting the inside, repointing the front steps, power washing the outside, and cutting the bushes back.

Build up excitement. Leak word in the neighborhood that you will be putting the house on the market, many times agents will start getting calls before the listing even goes up. Then list the house and have a gap of a few days with no showings to generate desire.

Use a seasoned agent. Use an agent that knows the area and the neighborhood. Choose one with a firm understanding of the market as it is TODAY. Then, trust their advice. They will help you sort through multiple offers, and can help you fully analyze which offer will be the smartest option for you and your situation.

For Buyers:

Put down a big deposit. The deposit, or earnest money, can speak volumes. The more earnest money you put down, the more serious you appear to the seller. Again, using an experience agent can help you determine the right deposit.

Limit contingencies. If a buyer demands too many contingencies, that can decrease the appeal of the offer. If there’s no financing, buyers can waive the right to an appraisal (typically a house has to appraise at or above the purchase price in the contract).

Pay cash. “The best offer for a seller is cash and a quick closing,” says Richmond, VA-based broker Mark Joyner. If you can pay cash and close the deal quickly, you may have a leg up on your competition, sometimes even beating out a higher offer!

Happy house hunting—or selling.

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