If you follow local real estate news, you already know that North Texas has been identified as one of the country's hottest real estate markets. Home prices are rising and sellers are expecting to sell their homes at their asking price or better. Whether you're considering Dallas homes or Fort Worth homes, you're negotiating in a seller's market. You must bid conscientiously or risk missing out on a home you love.
Our REALTORS® understand it can be difficult for your offer to get a seller's attention, especially when they realize that the next buyer might be willing to pay more. When you're ready to begin your home search, we'll be here to help with "Six Secrets for Getting Your Offer Accepted."
- Get Pre-approved
You may have heard this before, but it's worth repeating. For sellers and realtors to take you seriously, you must get pre-approved. No one wants to waste time on home tours and bidding wars with unqualified buyers.
During the approval process, your mortgage company reviews your financial data and decides whether or not they would finance you and for how much. The letter they issue isn't a guarantee, but it tells the buyer that the mortgage company considers you financially ready to buy.
- Don't procrastinate
When you're serious about buying a home, you must put a lock on any indecisive tendencies. You won't have forever to make up your mind about a home you love. You have to decide quickly and get your offer on the record. With so many buyers out there, you're destined to lose your dream home if you spend too much time mulling it over.
- Go big or stay put
If you find the right home at the right price, don't try and lowball an offer. When home prices are rising, sellers know they can sell. They won't be tempted by a half-hearted offer. It's important to make a good offer the first time around or you might not get another chance. Maintain a little wiggle room to negotiate if you must, but don't nickel and dime the seller.
- Be a person
Sometimes money isn't enough to win a bidding war. Sellers are human so they respond to humanness. They want to know who's buying their home, so let them know when you bid. Send a personal note. Identify yourself. Talk about sipping coffee on the porch while your children play in the backyard. Your bid will be coming from a real person.
- Pay cash if you can
Cash is a wonderful option for sellers. Cash is simple. It speeds up the closing process and eliminates the mortgage company's complicated documents. When you make pay cash, the built-in benefits encourage a seller to accept a lower offer.
- Give the seller more than one option
It's a known selling norm that people prefer to choose between something and something as opposed to choosing between something and nothing. Try making a two-part offer that forces the seller to think.
- Bid a cash offer for one amount. (i.e. $200,000).
- Supplement that with an offer that's higher (i.e. $220,000) because it requires financing.
With two offers, the seller has options. They can accept the lower offer, take the cash, and avoid a lengthy mortgage approval process. Or they can take the bigger offer and wait.
The bidding process can be complicated, especially when there's a lot of buyer competition. Contact us when you're ready to begin your Texas home search.