Eckington By The Numbers || Weekend 08.12.23

Even with higher rates and being in the slower part of August, we are seeing some sellers get multiple offers. If you are buying, here are a few things to consider when putting in an offer in a competitive situation:

• Get pre-approved for a mortgage before you start making offers. This will show sellers that you are serious about buying and that you have the financial means to do so.

• Work with a real estate agent who is experienced in a competitive market. They will be able to help you price your offer competitively and make sure that your offer is in the best possible shape.

• Price your offer competitively. In a sellers market, you'll need to price your offer competitively in order to be considered. This means offering at or above the asking price, and possibly even more.

• Waive contingencies. Contingencies are clauses in your offer that allow you to back out of the deal if certain conditions aren't met, such as if the home doesn't appraise for the agreed-upon price or if you can't get financing. In a sellers market, sellers are more likely to accept offers that waive contingencies, as this makes the deal less risky for them.

• Offer a quick closing. Sellers are also more likely to accept offers that have a quick closing, as this means they can get their money sooner.

• Be prepared to negotiate. In a competitive situation, sellers are likely to receive multiple offers. Be prepared to negotiate with the seller to get the best possible price.

• Be prepared to act fast. Homes in a competitive market tend to sell quickly, so you'll need to be prepared to act fast if you see a home you love. Have your offer ready to go and be prepared to submit it as soon as possible.

By following these tips, you can increase your chances of making a winning offer in a competitive market.