The search for buyers has never been more important as the market mood continues its cautious optimism supported by strong employment trends and continued economic growth.
The stock market gyrations in recent months on the back of tariff threats and promises of constructive trade negotiations mean the search for buyers is becoming increasingly competitive.
Upsizers seeking to sell should be optimistic about their ability to maximize the value of their home. Our neighborhood has a good balance in terms of supply and demand and so you should expect to achieve a great outcome.
Of course, once you’ve sold you’ll probably jump straight into buying mode. It’s critical to work with an agent who has experience in buying homes to ensure you get the best deal.
As the US market swings into the summer selling season, it’s a great moment to consider your options. Talk to an agent about market conditions in the neighborhood you’re targeting. I’d be happy to help you.
When you’re buying, winning the deal is about strategy, not luck. So, I’ve put together eight ideas for when you find yourself in a bidding war.
Money talks – The amount you offer is critical, but it’s not the entire story. You want your agent to understand exactly what the seller wants from the deal. So, quiz your agent about how they work out a seller’s so-called “net position”.
Make it a date – Many sellers are working to a deadline. As a buyer, you should never overlook this possibility. If you can work within their timeline, you may be able to close the deal even when others try to outbid you.
Big deposit – The earnest money deposit says everything about your intentions. Buyers can be cautious about putting cash on the table which, in the seller’s eyes, means they’re not truly committed. However, if you double or triple the standard 5%, the seller will know you’re all in.
Cap the request – If a home needs repairs, you can either negotiate the fixing costs into the price, or say you will cap the value of your requests for repairs before the transaction proceeds. If you promise to not ask for anything above $10,000, this may play well in the negotiation.
Tax lure – Covering the seller’s contribution to the transfer tax associated with the transaction is generous and can put you at the front of the line.
Appraisal gap – A lender’s value appraisal of your target property may fall short of your offer. When this happens, many deals die. If you offer to bridge this gap by “up to $10,000”, or whatever amount you’re prepared to offer, you will position yourself strongly.
Escalate, don’t hesitate – In your offer, you can include an escalation clause that offers your maximum amount if your initial offer is refused. This way, you’ll know whether you could have ever offered enough. Talk to your chosen agent about how this works.
Waive Inspections – Many agents will suggest this, but it’s high-risk and not my favorite approach. You should only consider this as an option if the home is new or has been well maintained. But even then, extreme caution is advised.