Even in this holiday season, Austin’s housing market is still very active. A spiking increase in population coupled with a strong job market and low interest rates is making home buying very, very competitive. The best homes sell quickly and sometimes with multiple offers. So, just how does a serious home buyer stand out from the pack?
6 Ways to Get Your Offer Accepted in a Competitive Market
Here are several ideas that you can use to differentiate yourself from the rest and give the seller a compelling reason to accept your offer instead of someone else’s.
#1: Submit a Geniune Pre-Approval
Submit a genuine Pre-Approval letter with your offer. The pre-approval letter is vital to demonstrate your credit worthiness. A lender issues a pre-approval letter once your employment, income and credit history has been verified and substantiated. It enhances the strength of your offer because the seller now has some reasonable basis to believe you are capable of purchasing the property. Need a recommenation for a good lender with great rates? Email us.
#2: Write a Personal Note to the Seller
A personal, hand written note with a photograph of you and your family (including pets, if any) helps establish an emotional bond between human beings…not just some business entity. Mention why you are attracted to the home and appreciate the care the seller has put into it.
#3: Offer a Significant Earnest Money Deposit
Sellers usually measure your sincerity by the amount of earnest money you’re willing to put up. The size of the earnest money deposit is a reflection on your financial strength. It’s held by the title company and is refundable should you elect cancel the contract within the option or financing contingency period.>
#4: Request a Short Option Period
Request a minimal length option period and include your option payment check. The option period is when most sales fall through, so a seller is reluctant to take the home off the market for any longer than necessary. A shorter option period is more appealing to sellers and could make the difference between you and another buyer.
#5: Go for a Quick Close
Offer the earliest possible closing date. A short escrow period demonstrates you are prepared to act and aren’t fooling around. If the seller needs more time, it’s negotiable.
#6: Negotiate Repairs in a Timely Fashion
Negotiate repairs after you have received the inspection report. If you want the seller to complete any repairs, an inspection report helps validate the necessity for repair as it provides a reasonable basis for the request.
Presenting a Strong Offer Can Make or Break the Sale
At Eleven Oaks Realty, we help our home buyers put forward enticing offers to sellers, so they can get the very best price on the very best real estate in Austin, Texas. Presenting a strong offer to a seller could make or break any Austin home purchase.
Want to Succeed in Today’s Competitive Home Buying Market?
With a combined 55+ years of experience, we have the experience, tools and market knowledge to help you succeed in this competitive home buying market. We are committed to being good stewards of your money and will negotiate to get you the best business deal possible. Check out our Austin Home Buyer Representation Program to see how we’re different from your average Realtor. Then call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.