Guest article provided by: directpropertybuyer.com
Regardless of what part of the country you live in, Covid-19 has likely affected your local real estate market. A combination of low interest rates, very low inventory, and the desire for homes that fit a new lifestyle has led to many bidding wars for houses. This is even true in areas with strong seasonality. This past years’ normal cycles of supply and demand were totally different than typical years.
Changes because of Covid have led to an unusually strong real estate market despite many businesses and people being affected by the pandemic. How do you handle buying that home you want when you’re competing with many others that want it to? Here are some simple tips so you can stand out to the seller.
1. Research Yourself
You’ll need to stay on top of new listings even if you have a Realtor looking for you. If you see that new listing that fits your criteria contact your broker right away and be flexible about when you schedule a time to see it.
2. Make Your Realtor Hustle
If you’re deciding to jump in and submit an offer, be sure your broker calls and talks to the listing broker. So many brokers submit offers through email and never “sell” their offer to the listing broker. Also, adding a letter about how you love this home and how it fits for your family can appeal to the seller to gain more attention.
Be really flexible on your terms other than price. If the house is vacant pick a closing date that is sooner rather than later. Don’t add unnecessary contingencies and offer a high earnest money check.
Submit your offer right away and have all of your paperwork and pre-approval letter or proof of funds ready. Hang on to it for the next one in case this offer doesn’t work out. Speed in a hot market is so important.
Eric Strung | Direct Property Buyer | www.directpropertybuyer.com