- Today’s home buyers are navigating a market that’s more competitive than ever thanks to low inventory and high demand.
- With so many buyers competing for a limited number of homes, it’s more important than ever to know the ins and outs of making a successful offer.
- Don’t lose out on your next dream home! Get in touch with our team to get a leg up on the competition.
Here’s How to Make Your Offer Stand Out to Sellers
It’s no secret that the Pittsburgh housing market is now more competitive than ever. As inventory continues to dwindle, buyers are willing to do just about anything to stand out and get their offer accepted. However, it’s easy to get discouraged if you keep finding yourself on the losing end of a bidding war.
Here are five easy ways to make your offer catch a seller’s eye—and it doesn’t always involve raising your budget.
Listen to your agent
Buying a home—especially in a market this cutthroat—can be an emotional experience. Even the most seasoned buyers can get discouraged after losing out on a home, but it’s important to think with your head instead of your heart.
When in doubt, you should always seek guidance from your agent. They’ll know the market better than anyone else, and they can also help you craft a fair offer.
Understand your finances
Before making an offer, take a good look at your finances to set a limit on how much you’re willing to spend on the right home. Having a defined budget will help you stay realistic and avoid making a bad financial decision.
It’s also a good idea to get preapproved for a loan early on in the buying process. Only 44% of potential buyers apply for pre-approval, so be sure to take this step if you want to stand out from the crowd. It’s the easiest way to show sellers that you’re serious about buying their home!
Be prepared to act fast
According to the National Association of Realtors, the average property being sold today receives more than three offers and only stays on the market for a few weeks. In many cases, sellers will ask for your best and final offer upfront, so you need to be prepared to move fast.
If you see a home you love, don’t hesitate to put an offer in ASAP. Chances are it’ll only be on the market for a little while longer!
Make a fair offer
Every buyer wants to get a great deal on their next home—but in today’s market, you might end up paying more than the original asking price. Now is not the time to submit a lowball offer or request an excessive number of contingencies. Instead, work with your agent to make an informed offer based on the market value of a home, its condition, and its location. This is the easiest way to catch a seller’s attention!
Be a shrewd negotiator
When you submit an offer, you’ll decide on more than just price. You and your agent will also request contingencies, such as a home inspection or appraisal. However, having as few contingencies as possible will make you appear more flexible, which is a major perk for sellers.
You can also improve your chances by letting the seller choose the closing date, raising your offer, or attaching your preapproval letter.
Take Your Offer to the Next Level
If you need help navigating the Greater Pittsburgh area’s hot market, the Jim Dolanch Team is here to help. We have the tools you need to craft the best possible offer, and we’re always on hand to answer your questions!