When homes sell quickly and accept offers way over asking, what can you do to get an edge? Here are five ways you can compete in a super competitive market:
The Learning Curve
In this age of technology, buyers are drowning in information. Many buyers fail to utilize their agent, lender and inspectors to get the information and guidance they need. Doing research on your own is good but getting advice from professionals is a necessity.
Obsession with Comps
New buyers ask questions like “What are the comparable sales in this area?” “Is that house overpriced?” “What do you think it will sell for?” New buyers want to know the exact value of the home and then won’t pay a penny over it.
Veteran buyers on the other hand know what questions to ask, “What do the sellers need from us?” and “What will it take to get this home?” They’ve gone through the romance of the process, written offers and lost many times. They’re tired of writing offers and just ready to buy.
Leverage Your Agent
Your agent has insights into the process that you don’t. Use them! Even though the seller is calling the shots, the agent adds flavor to the negotiations. In a competitive market, you’ll find fewer and fewer listing agents who want to represent a buyer so find one you trust and would like to represent you through the entire process.
The Disappearing Price Range
In a hot market most prices are moving upwards. Prices can shoot up quickly and that means your budget may no longer cut it. You’ll either have to raise it or find somewhere else to look.
There are almost always issues at some point in the transaction. It’s to be expected. If things are seeming shaking, look to your agent for advice – they’ll be able to bring some perspective.
Looking for an agent you can trust? Reach out today.