Top 3 Strategies to Get Your Offer Accepted in a Hot Market

Hello Hampton Roads,

It’s a tough market right now if you’re buying a home! Home buyers in Hampton Roads are dealing with a fast paced market with low inventory and high competition which is driving up home prices. According to the latest MLS statistics for Dec 2020, the area’s median sold home price increased from $246,000 to $274,900.  Last year ended in a strong seller’s market which so far has continued into 2021.

It’s more important than ever for home buyers to have a good understanding of the market so they can be as well-prepared as possible and present offers that are attractive to today’s home sellers. In our market, it’s not uncommon for a buyer to make multiple offers on homes before one gets accepted and knowing this upfront prepares one’s mind for it so it’s less of a shock when it happens.  Perseverance and good offer strategies will prevail!

Price is important and the offer you make has to be competitive because that’s the initial screen for it to be considered, but price alone is not always the deciding factor. Other than price, here are my top 3 strategies to get your offer accepted in a hot market:

1)      Sellers are always looking to net the most they can --if the decision is between two offers that are similarly priced, consider not asking for closing costs assistance and to sweeten the pot, offer to pay a portion of the seller’s closing costs. Your agent can best direct you on which route to take especially when you are competing against multiple offers.

2)    While I don’t recommend waving the home inspection, this is a strategy that some buyers have used with great success. An alternative would be to have the home inspection done for informational purposes only meaning that the buyer won’t ask for repairs but reserves the right to be released from the contract and retain the earnest money if the results are not satisfactory. 

3)  Try to be as accommodating as you can be to make your offer more appealing.  For example, find out if the seller needs to close by a certain date, and accommodate the time frame if you can or if you discover that the seller needs to rent back for a week, consider not charging them for rent back. Give the seller the impression that you are easy to work with.

While each property and each seller is unique, so will be your negotiation strategy. If you are currently making offers to buy are home, I hope these strategies help you! And if you recently had your offer accepted, let me know what worked for you.  

As always, if there is anything I can do to assist with your real estate needs, I'm happy to help!  Feel free to contact me and we can talk about your plans.

Thanks for Reading,

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