Today I want to share a few statistics with you that may come as a surprise at this time of year.
Right now, our agents are finding themselves in more and more multiple-offer situations. In fact, each of our agents has been involved in more than one in the past 60 days alone.
Here’s what the numbers are telling us about this increase: We have 18% less inventory on the market than we did this time last year, yet we’re pending 10% more home sales than last year.
In other words, we have fewer homes on the market and more buyers, which has resulted in a large number of multiple-offer situations.
If you’re a buyer or are thinking of buying a home and you find yourself in one of these competitive situations, here are a few points to consider if you want the seller to pick your offer over everyone else’s:
1. The seller wants a sure thing—or at least as close as they can possibly get to that. The offer with the best financing and the fewest requests for inspections and repairs will be more attractive to the seller.
2. Personalizing your offer is an effective strategy. When a seller has lived in a home for a number of years, perhaps raising their family there, it can be an emotional experience to part with the property. As a buyer, you can write a letter to the seller explaining why you feel that their home is perfect for your family, or explain your plans for the home in a way that will resonate with the seller.
3. Trust your agent. It’s critical to have an agent you trust and who is familiar with how to navigate the difficulties of multiple-offer situations.
If you’re looking to purchase a home and you’d like to make sure that you’re working with an agent who will help you win a multiple-offer situation, don’t hesitate to reach out to us. We’d be glad to help you construct an offer too good for the seller to ignore that won’t compromise your position.