During the spring real estate market, it’s not uncommon for buyers to find themselves in multiple offers. A home priced right in top showing condition will often drive multiple buyers to submit offers on a single property. What can buyers do to make their offer stand out? Here are a few strategies to consider:
Sellers are looking for a strong offer. The amount you put down on your loan, how much earnest money you provide and limiting seller paid closing costs appeals to sellers. Sellers are looking for a buyer who shows financial strength.
Be flexible on closing date. Ask the seller when they want to close and accommodate them.
Tug at the heartstrings. If circumstances call for it, include a personal note to the seller with your offer. Tell them what you love about the house. Include a photo to seal the deal.
Make your offer competitive. Most homes in multiple offers will sell at or above list price. To secure the property, you need to be willing to pay for it.
Enlist a Realtor. There are a variety of tools available to realtors that can help decode the mystery of multiple offers. What have comparable homes sold for in the neighborhood? What percent of list price did they sell for? Leverage your realtor’s experience with current market data to devise a winning strategy.
Sarah Schaffer is an Edina based realtor with Fox Homes.
