3 Things Buyers Can Do to Compete in a Sellers Market

November 10, 2020 | Texas REALTORS® Staff

https://www.texasrealestate.com/members/posts/3-things-buyers-can-do-to-compete-in-a-sellers-market/

National Association of REALTORS® Chief Economist Lawrence Yun has predicted this will be one of the best winter sales years ever. Learn what you can do as a buyer to make sure your offers are competitive in this market.

Go Beyond a Pre-Approval Letter

A pre-approval letter from a lender is just a preliminary step—and sellers and their agents know that. Go as far as you can in the underwriting process with the lender of your choice to show sellers you’re serious and have the best possible chance of closing on the home in a timely manner.

Know Your Priorities and Stay Focused

Paint color, bad carpet, and dated fixtures can all be changed. The floor plan, how busy the street is, and what the neighborhood is like can’t. Be ready to make compromises for a home that meets your key priorities.

Cater to the Sellers

Read between the lines or have your agent follow up about the preferences of the sellers. Don’t ask for items they’ve excluded from the sale, find out if they want to leave things that are difficult to move, offer to pay a rush fee for the appraisal, or extend the option of a leaseback agreement to give them time to move. If you’re financially able, offering to make up the difference between a low appraisal and your offer (your REALTOR® will know which form to use) can give the sellers peace of mind the sale will go through.