Updated: Nov 12, 2020
Inventory remains at a historic low in the Washington, DC metro area and homes are selling faster than ever. Low inventory and pent-up frustration with current living situations highlighted by the stay-at-home life is causing more buyers to be on the hunt for one of these rare homes. These factors have led to an abundance of bidding wars among aspiring new homebuyers and record-setting prices for home sellers. Want your offer to stand out amongst the crowd? Here’s a list of 4 tips to help you make your offer stand out, from Realtors who are in the thick of it.
Get the inside story
When we contact the listing agent on your behalf, we ask questions about the home’s availability and if there are already other offers on the table. If there are, we try to find out what you are up against. We also inquire about the seller’s preferences with regard to specific timeline, settlement and title company, closing date, and other factors that would be most convenient for them. The more you can make your offer align with the seller’s goals, the better chance you have of getting the home of your dreams.
Streamline your offer
There is really nothing simple about making an offer when buying a home. The best way to make it stand out is to keep the offer as simple as possible. The fewer contingencies that are put in place, the better and the quicker the deal will close. Keep in mind that it’s not all about the price. You may be prepared to go well over asking, but remember that the best offer will be the sum of the terms that work best for the seller.
Prove your funds
To appear as a serious buyer, the main thing you need to do is to express to the seller that you can actually close on the home by obtaining a mortgage preapproval- and not just a prequalification letter- if you plan to apply for a mortgage. If you plan on paying cash, a proof of funds should suffice together with your offer.
Inform the sellers why you are the best buyer there is for their home
One good thing to keep in mind is that sellers, especially if they've lived in a place for a while, often have a sentimental attachment to their home. While they usually want to get top dollar for the property, they often also want to know that their home is being transferred to worthy new owners. A genuine and warm letter expressing your desire for their home and letting them get to know you might be just the ticket to win their hearts- and home.
Buying a home can be daunting, but a great Realtor can help you in a myriad of ways and make the process as smooth as possible. Contact us today to see if we might be a good fit to work together. If you aren't moving to the Washington, DC area, let us connect you with a trusted colleague in your target area.