Top Tips to Strengthen Your Offer in a Competitive Market

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The market here in Central Valley is awfully competitive right now. However, you can strengthen your offer to win your dream home.

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You must be pre-approved to buy a 
home in this market.

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1. You need a letter of pre-approval. You want to work with a local lender in order to get one, and you need to advertise this to sellers. Most sellers actually won’t even entertain your offer without a pre-approval. This is probably the most important thing that you can do for yourself in this market.

2. Work with your Realtor to write a strong offer. A stronger offer doesn’t always mean that you’re willing to pay the largest amount of money. Rather, find out what the seller wants to see and do your best to emulate that in your offer. Some sellers want money, and others want convenience. It’s your job to find out which.

3. Don’t be nitpicky in this market. There is no time to quibble over a small issue. Sellers will just move on to the next best buyer.

4. Write in an escalation clause if you really think a home is worth it. You could pledge to offer $1,000 above the highest offer, and you could then cap it at a certain price. This shows the seller how serious you are about buying the home. We have had some success with this in the past, and you shouldn’t worry about overpaying because the home has to appraise to an appropriate value before selling.

5. Avoid writing too many contingencies into your offer. Nobody likes to see these because they just stall transactions and it puts people in awkward positions.

6. Pay with cash if you can. Sellers always love to see a buyer that doesn’t have to worry about financing.

Last but not least, you need to work with a great local Realtor. You’re much more likely to be successful when you work with a talented agent. Who you work with really matters.

We would love to help you with any of your buying or selling needs. Please don’t hesitate to contact us!