The real estate market in Massachusetts continues to be extremely competitive. Buyers are getting more desperate as interest rates are rising. If you have been making offers on homes without success, you’re probably wondering what you can do to improve your chances. Here are 3 ways to get your offer accepted.
Submit a Strong Offer Price
Most of the time, it comes down to price. With all other things being equal, the highest priced offer will naturally win. We’ve seen many buyers make the mistake of being way too conservative, only to regret it later. After all, the longer you wait, the higher prices and interest rates rise. Losing so much time can cost you more in the end.
If you are aware of multiple offers on a home, be sure to submit a strong offer price. Offers at or belong listing price simply won’t work when there’s so much competition.
The most often waived contingency we’ve seen lately is the inspection contingency. This is seen as a huge plus by home sellers. It saves time in the process and eliminates uncertainty of whether a buyer will renegotiate terms or decide to move forward after inspection.
Buyers should use this option with caution, for obvious reasons. If a property appears to be in good condition and you’ve had an opportunity to look through it in detail, then it is a bit less risky. It might not be the best choice for first time home buyers with little knowledge or experience of home maintenance and repair.
Include a Personal Letter
Sometimes a personal note to a seller can give you a slight edge over competing buyers. Sellers often have emotional attachments to homes and feel better knowing about who will care for it in the future. Additionally, a note adds a personal aspect to your offer. Otherwise, sellers are just comparing the numbers and terms on paperwork. Appealing emotionally to a seller can sometimes help, particularly in cases where several offers are presented at the same price.
Other Ways to Get Your Offer Accepted
Depending on the property, sellers, and the circumstances, there may be other ways to get your offer accepted. Working with a real estate agent who is experienced in working a hot market will help. He/she can provide you with valuable advice on competing with other buyers and winning bidding wars.
If you are not already working with an agent, we would be happy to refer one to you!