The reality of the 2021 housing market in Western NC is that it’s competitive. Sellers typically have the advantage now since there are such few homes on the market and such high demand for what is available. It’s imperative that buyers know how to bring a competitive offer to the table. Here are our top 3 tips for creating a strong purchase offer.
1. Hire an excellent agent: You’ve heard it before, but we can’t stress enough the importance of doing your research before selecting an agent to represent you in the home buying process.
A good agent will understand the Western NC markets inside and out. They’ll be professional and responsive, and will communicate thoroughly with listing agents. Having an agent who will establish clear and intelligent communication with a seller’s agent will ensure you have any relevant information that could help you with your offer terms. For example, when do the sellers want to move? When do they want to close? Why are they selling? There are many things to consider here, and the best agents will know how to guide you effectively through the process.
Hiring an agent with experience and acumen is crucial in you putting your best foot forward in a purchase offer. Don’t try to go it alone or even necessarily choose to work with the first agent recommended to you.
2. Make your first offer your best: The market isn’t how it used to be, when a seller might get one or two offers and then go back and forth negotiating. In today’s reality, it’s not uncommon for homes to see a handful of offers in the first day or two. If you would be devastated to lose a home, you’re going to want to make sure your first offer is your best. To do this, you will want to offer a competitive price (and perhaps a cash offer if this is possible for you). You might also consider higher due diligence fees and earnest money, and a shorter due diligence period and earlier closing date, if that’s beneficial for the buyer. Including documentation that will make your offer stronger is also helpful. This can include a preapproval letter from your lender, which will show that you are both a serious and qualified buyer, and even a personal note to the seller. This ties back in to having a trusted agent who can ensure that you know the best terms for your unique purchase offer.
3. Write the seller a letter: If the seller of your dream home receives multiple offers at once, a personal letter can really help your offer stand out in the pack. While you must ensure that your letter does not violate fair housing laws, this can sometimes be a helpful addition to your offer. What do you like about the home? Why is it a good fit for you? Be sincere, clear, and avoid overexaggerating. This just may be the cherry on top of your excellent offer.
We hope these tips help you begin to navigate the intricacies of today’s real estate market. We are happy to guide you through this process and discuss more of our recommendations for buyers in Western North Carolina. Feel free to give us a call or send us an email and let us know how we can help.
Call or text: 828.772.1667