Getting Your Offer Accepted in This Seller’s Market
Here are a few tips to help you get your offer accepted in this market.
Are you sick and tired of making offers on properties without any of them getting accepted? Here are a few tips that will help you close on your dream home.
First, when you’re out looking at a property, don’t think you’re the only one. There are probably 20 to 40 other potential buyers eyeing the same home (depending on your price point and area). The Inner Loop and Galleria areas will probably move a little slower, which is crazy because the situation used to be the opposite.
What’s really on fire is the suburbs, because after COVID hit and everyone had to work virtually and stay trapped in their houses for so long, a lot of companies figured out that business was more profitable that way. We’ve now entered this crazy work-from-home era, and it might stay this way forever—if not get even crazier. If people are working from home, why in the world would they live in an area or house they don’t like? These same people are looking at bigger or more functional homes to support their growing families, work offices, etc. They’re also looking for homes in better school districts, and land that they can expand on.
That said, when a home comes on the market that you like, you have to be ready to see it immediately. If you put it off for tomorrow, it’ll probably be gone by then. Also, don’t think you’ll be able to pay the list price; make sure you have a reputable agent with you who has a proven, repeatable system for winning offers. They should know how to analyze your situation and guide you through it.
Additionally, make your first offer your strongest offer. Don’t assume you can make a weaker offer and the seller will counter, because they won't. Think about it: What if there are 20 or 30 other offers on a home that you really like? Is it worth the risk of making a weaker offer? Of course not. You might end up overpaying for the home, but if it’s the place you intend to make memories with your family, it’s worth the extra cost. There just aren’t a lot of options out there. There will be more options later in the year and in 2022, but interest rates will be higher then too.
If your goal is to buy a home, you need to go in guns blazing. You don’t need a home warranty—don’t even ask sellers for one, because they won’t give it to you. You might even consider offering to pay for the title policy, or buying the home as-is. Doubtless, you’ll need to be able to close as quickly as possible too. If they want a leaseback agreement, you’ll probably have to agree to it because you don’t have a lot of say in the matter if you really want the home.
If you’d like the Tricia Turner Properties Group’s help in finding and closing on the home of your dreams or have any real estate needs at all, don’t hesitate to reach out to me. I’d love to help you.