This past week, two different buyers of mine got their offers accepted in heavy competition.
Both situations are great examples of buyers paying careful attention to the market, so they knew “their house” when they saw it, and they knew what to do to get it...
Homework
Both properties took offers after the typical two-week marketing period, so there was plenty of time for the buyers to conduct their due diligence after (and even before) attending the first open house.
Open Houses
Both buyers introduced themselves to the listing agent, let that agent know they were working with me, and went back to the second open house to reinforce their interest in the property and leave a strong, positive impression on the listing agent. After all, don't you want the listing agent rooting for you on offer day?
Pre-approval
Both buyers were pre-approved for their loans with reputable, well-known, local mortgage lenders, so when their offer was submitted, the listing agent and seller had full confidence that the transaction would go smoothly and close on time.
Buoyancy
And finally, after all that up-front prep and diligence, both buyers reacted swiftly and confidently when they were presented with an opportunity to make a jump in price to beat cash offers. In one case, there were seven offers, FOUR of which were all cash, and two of those were higher than my buyer’s offer. How do you beat that?
Preparation, groundwork, knowledge, decisiveness, commitment…
This is not a secret formula, but definitely a strategic and winning one. Buying a house in a competitive market like ours is like running the race of your life; every miniscule detail counts.
The buyers also applied both the logical and illogical factors in our market, by writing an offer that a seller would want to work with (= clean and free of contingencies) while at the same time protecting themselves (= getting educated and prepared). They also took into account the market conditions, which demonstrated robust and sometimes implausible buyer behavior.
It is possible to win in this market by working within the parameters of our unique culture, and staying buoyant to change and opportunity.
Positivity
Perhaps the most important ingredient: Optimism. Nothing is possible without feeling that it’s possible.
