How To Compete Responsibly In A Competitive MarketBuyers
The first three months of 2019 have demonstrated that we are still in a competitive active market. Since January, off-water homes in the Huntsville area have sold for an average sale price of $394,780, averaging 67 days on market and selling for 98.59% of list price. 96 new listings entered the market with 75 sales over those three months. The inventory we gain, doesn’t stick around.
So how do you, as a buyer, compete responsibly in this type of market?
Buyer Strategies…and it’s not always about price
- Know the market, shop and compare prices of similar properties.
- Have a letter of commitment from your financial institution or Mortgage Broker – know what you can afford. Note, this does not necessarily warrant waving a financing condition – but adds strength to your offer.
- Try to work with the seller by learning what the seller needs from the deal. ie.) A quick or a late closing date?
- Provide a letter of introduction – helps the seller know a little more about you.
- Do a home inspection prior to the offer.
- Work with an experienced Realtor who is working for you.
- Know the maximum you are willing to pay – avoid getting caught up in the desire to “win” losing sight of what you can truly afford. This could end up costing you.
- Submit your offer as soon as possible.
- Ask your Realtor to present in person, in front of the Seller and their Realtor if feasible.
- Have a short irrevocable.
If the Seller accepts your offer, great! You came in prepared, confident and you can feel good about moving forward with your purchase. Congrats!
If the Seller did not accept your offer…NEXT! If you were as prepared as you could have been and offered a price you were comfortable with, then you can walk away (albeit disappointed) onto the next home, which could “be the one”. There is ALWAYS another home.