It’s officially home buying season! It’s still a sellers market, leaving buyers with little inventory. And desirable houses in move-in condition that go on the market don’t last long, often having multiple buyers bidding on one home.
We are already seeing multiple bids on one property and we are not even in the peak of home buying season. Once the weather breaks, there will be even more people bidding on one home.
So how can you make your offer stand out to the seller? How can you win your dream home in a multi-bid situation? Oakland County realtor, Tracy Wick explains.
Be Flexible with the Seller’s Needs
Make sure your Realtor consults with the seller’s agent and is aware of their preferred closing date. Find out how long the seller needs to stay in the home after closing. Be flexible with their needs. If the seller requests 30 days occupancy after closing, consider allowing them to stay in the home after closing rent free. Each situation will vary but the key is to stand out from other buyers by being agreeable and accommodating to a reasonable extent.
Improve Your Financial Picture
Each buyer will have a different financial situation which can often influence the seller’s decision.
Of course cash is king and will always be more attractive than any type of financing. Is there any way you can improve your financial picture? Can you liquidate your 401k or borrow money from family to either offer cash or put more money down? This may be worth considering in this competitive market since sellers prioritize buyers in a strong financial position.
If you are financing the home, choose a loan with little contingencies. For example, a conventional loan will typically beat an FHA loan or other government backed programs in multi-bid situations because it does not require an additional inspection by the appraiser.
Add a Personal Touch
Relationships are powerful and are often the key to success in many facets of life. Keep in mind that selling a home is often more than a financial transaction for people.
Sellers may be leaving behind the home they raised their family in or perhaps they grew up in the home themselves. Oftentimes, it really matters who they are selling their home to. Sellers may prefer a young family who will take care of the property over an investor that is only interested in flipping the home – even if the investor is offering cash.
Write a personal letter to the seller explaining how much the home means to you. This reaches the seller on a personal level and also shows just how serious you are about buying their home.
Be Patient and Stay Positive
You may lose several bids but do not give up. You can still find your dream home in this market but it might be a longer process than normal. Work with a professional real estate agent who is well-versed in navigating and winning multi-bid situations and who can be creative in finding you homes that are not yet listed so you can avoid the stressful experience of competing for your new home.
We have seen buyers get let down after missing one opportunity but after sticking with it and staying patient, they actually found a much better home than the previous homes they were disappointed about losing.
About Oakland County Realtor, Tracy Wick
Tracy Wick has 25 years as a real estate consultant and client advocate offering a full spectrum of services to buyers and sellers. She is licensed throughout the state of Michigan and specializes in many communities in Oakland County including Novi, Northville, Farmington Hills and West Bloomfield.
If you are looking for a home this spring, having an experienced real estate agent advocating for you is crucial – especially in a sellers market. Contact Tracy Wick today by calling: 248.912.7407.
Read More Homebuyer Tips: Michigan Real Estate Agent Gives Tips for Buyers in a Seller’s Market