Multiple Offers on Homes For Sale – What to do
MULTIPLE OFFERS…SOMEBODY IS GOING TO WIN!
For the last several months as the economy and market have continued to improve, the number of multiple offers has increased with prices going well above asking price. Sellers are jumping for joy! Although this is an exciting time for sellers, somebody is going to lose on the buying side. Here are several ideas and suggestions to help the buyer in such a competitive market.
Change Your Price Range
One recommendation would be to change your price range to a price that is less competitive in the market. For example, if the average sales price is $150,000 you know that most homes around that value will have the most buyers. If possible, drop down $20,000 or increase your budget by $20,000 to stay out of the mainstream of buyers. In other words, “keep control and choose not to compete”. A simple word of caution, if increasing your price range, is make sure your monthly budget can handle the increase even though your mortgage lender says you are qualified.
Look For Deals in the Local Real Estate Market
Consider a little fixer-upper that other buyers wouldn’t consider. Most folks want a home that they can move right into with little to no work needed. If you are up for a challenge and don’t mind a little painting or changing up some flooring you might end up with a good deal and instant equity!
If neither of these plans work and you end up in a multiple offer situation, remember to keep your offer simple. The seller could be looking for something that is the easiest path to closing. Keep your offer clean and concise. If you “muddy the water” with closing costs, home warranties, and special stipulations you may lose the deal. Not based on price but all the extras you require. If there are items you can sacrifice, like a concrete closing date, you might leave that open for the seller to choose. The trick is to find out what the seller really wants and then meet those requirements to the best of your ability. A Realtor® with knowledge and experience will know how to communicate with the listing agent for your greatest benefit.
In addition, you do have the option to write a personal letter to the seller to accompany your offer. Many sellers are emotionally attached to their homes and would love nothing more than to know that you will love it too! Tell them about your favorite features and how you see you or your family and friends making memories there for years to come. Be careful not to mention all the changes you plan to make! Remember, the seller loves the home just as it is!
Do Your Best To Stay Unemotionally Attached
Do your very best to stay unemotionally attached to the property. This will make it a lot easier to walk away if the price or conditions get outside of your comfort zone. Great advice might be to take the mindset from the beginning that you do not have to have the house! There will always be another. Timing is everything!
When it’s all said and done, you may have used the most perfect buying tactics and may have made an amazing offer, but keep in mind, you could still lose the deal! So, what do you do next? Get back out there with your agent and find that picture-perfect home that is waiting just for you!
After serving clients for over 20 years I have loved watching buyers end up in their dream homes! Countless times I’ve heard “I am so glad I didn’t get the one that I thought I wanted”. At Mercer Hughes Real Estate Group, we celebrate helping you reach your goals! Whether you are ready to buy or sell, contact us here or give our office a call at (229) 262-1388 and let us help you find your way home!