Play Purdy!!! Multliple offers

I just love this job!!! Every day it is new and exciting and different and just when you think you have it figured out …. here we go again.  One day our buyers are just strolling along and taking their time to figure out just which of the many houses they want and with the blink of the eye it has changed.  Although it is NOT a total sellers market yet, we are inching closer and closer as inventory is going down and the multiple offers are CRANKING up.  So what is one to do when you are faced with multiple offers.

Play Purdy!!!!  (southern for Play Pretty)

My grandmother alway hollered after us as we went out to play,” Play Purdy now!!” Of course that was her way of reminding us to play nice and that is great advice when making an offer on a home that you really want. To make your offer more attractive, don’t ask for closing cost and other extras from the seller. If you do need to ask for closing cost assistance then up your offer to cover those expenses.  It is also a great idea for your agent to be really sweet to the listing agent because emotions do play into our engagement with others… whether on a subconscious or conscious level.

Hot buttons!!!

More than likely the seller has some hot buttons, some things that just may tilt the sale in your favor. Maybe you find out that they would love a quick close or maybe they need to even stay a few days after close…. if you can find out what makes them tick you may have a good chance of having the winning offer.

Share that loving feeling…. oh that loving feeling.

Most home owners love their home and have an emotional attachment and the notion that someone else will love and enjoy it too makes them feel good about the sale of their home.  I have actually had people write a letter to the seller’s expressing how they felt about the home and what it meant to their family.  On a personal level I just purchased a new home and I believe that the seller who really did not want to leave the beach, ( and who would?) felt a sense of comfort because of my over the top enthusiasm for her home that thankfully is now mine.

As we continue to move towards more of a Seller’s market  I will share some more tips next week…. but for now remember, “The only people we have to get even with are those that have helped us.”  And until I see you again, “Play Purdy”

 

Times they are a changing!!! Return to a Sellers market

Existing-home sales inched up again during January, according to a recent report by the National Association of REALTORS (NAR). Existing-home sales, which include recently purchased single family, townhomes, condominiums, and co-ops are on pace to reach 4.92 million annual units, up 9.1 percent compared to January of last year.

Hearing the words Seller’s market can create quite a stir so most of us are cautious of uttering those melodious words that sellers have been longing for.  The market has changed quite markedly in the last year and even more so in the last 6 months. What was once clearly a  Blue Light special for Real Estate has taken a turn.  No longer can a buyer do some of the things they have done for the past 5 or more years due to a drastic reduction in inventory.

Some of the habits of buyers may  not work to their advantage anymore so I thought we could address a few of buyer practices. The first one is those good ole low ball offers.  There was once a time when the seller was so anxious about selling and competing with the short sales and foreclosures that they would bite their lips and counter those low ball offers.  In the past few months I have seen many a seller just not even address the offer. The danger for the buyer is that once you give a disrespectful way below market offer the seller does not take you serious and worst yet while the buyer is angling for a steal of a deal …. a more sincere buyer waltzes in and snags the home.

When the market was flourishing with inventory buyers would have plenty of time to sleep on it and even sleep on it for days, weeks and even months. Thankfully those days are gone because while you are sleeping, someone else is packing up and moving in the house you were secretly loving but hankering for that better deal.  Granted there are many homes that stay on the market for a while but frankly if priced to the market, in a good neighborhood and in good condition the home should sell quite quickly now.

Another buyer mistake that has lost many a home for the would be home owner is flooding the contract with contingencies. The cleaner and neater and without ambiguities the easier for the seller to take the deal. I am a real lover of AS IS contracts ( more on that later) because it takes the guess work out of the deal, you either want it or you don’t.  Of course this is not a hard and fast rule but the less complicated the deal the easier it is to make it to the finish line with everyone’s sanity in tact.

I guess we are really doing this backwards because one of the most important things that a buyer can have ready is their prequalification letter in hand.  House hunting before you are knowledgeable about what you qualify for is a loosing proposition for everyone. Your agent does not want to get you all excited about 300,000 houses if your budget is for 200,000. Most sellers are wanting that letter in hand before they even accept your offer so be ready so you can get the home that you want for the price that you are comfortable with.

So if you have to sum it up so that the happy home owner gets the pick of the litter quite simply  remember do these 4 things:

  1. Make a respectable offer based on the market and condition of the home with the help of your favorite Real Estate agent
  2. Know what you want when  you are looking so that when you find it you can act quickly with inspection periods of course.
  3. Make a clean offer with a minimum period for inspections.
  4. Have your financing in order

Now… Ready… Set …GO….. Call your favorite Real Estate agent after you have visited with your favorite banker and soon you should be loading and unloading boxes and enjoying your new home.  Thanks for letting me share little knowledge and some joy and until next week remember, “The only people we have to get even with are those that have helped us.”