Recently about one-third of homes nationwide sold in less than 30 days. Homebuyers are having a tough time simply making offers before their potential dream homes are snatched up by other buyers. We asked some of those successful buyers to pass on their advice to those of you still vying for a home of your own. Here are some of the most popular tactics plus some additional insights that'll help you win your dream home.
1. Assure the sellers your financing is rock solid.
Buyers can go the extra mile by offering earnest money with their bid - Earnest money is a deposit you make as a pledge to the buyer that you are truly interested in buying their home. It’s traditional to pay 1–2% of the home’s purchase price as earnest money.
A higher deposit not only shows you’re serious about buying the home, it also demonstrates your ability to pay for it. Your earnest money will be applied to your down payment or closing costs. And don’t worry. Even if the deal falls through, in many cases you can get most of your earnest money back.
2. Bypass the move-in-ready and look for homes that need some TLC.
Buyers willing to put in the extra work to make repairs will get a better long-term value.” Buyers with the time, energy and budget to put some sweat equity into their next home may face little competition, but there are exceptions to that rule.
3. Include a personal letter to the homeowner with your offer.
Several homebuyers said they believe this move is the reason their offer beat the competition. As a real estate expert, I agree that a letter to the seller can help, but it’s not a sure thing.
In other words, a personal letter probably won’t hurt your chances, but you will still need to make a competitive offer to even be considered.
4. Work with an experienced agent you can trust to stay on top of your home search.
If you’re not working with a high-octane agent who’s got what it takes to close the deal on your new home, I can be the real estate professional who does.