People love Austin.
That’s great news for the city but presents some unique challenges for buyers. Whether you’re upgrading or downsizing within the greater Austin area or relocating to this beautiful metropolis, buying a home means far more than just finding someplace you love.
It means strategically planning how to actually acquire that home for your new beginning. Because you very likely are not the only one who loves it! Multiple offers are now the norm at every price point, in every neighborhood. So how do you prepare to win in a multi-offer battle?
- If you aren’t paying cash, get fully pre-approved and not just pre-qualified. Lots of buyers are coming in with cash offers and a pre-qualified loan just doesn’t compete. Talk with your lender and be sure you have secured the financing you need to compete against cash offers so you don’t have to be contingent on your loan.
- Minimize your contingencies. Some buyers are ready to purchase without contingencies. Recognize that a seller will lean toward a quick and sure sale and be prepared to make that more likely with your offer.
- Offer more than the list price. It can be that simple. Knowing that you will be in competition for homes means showing sellers that you are serious about purchasing. Don’t get shut out in the first round with a too-low offer.
- Go in with the highest and best. Your realtor can give you up to the minute information on offers and advise you on what to propose to keep you out of a lengthy competition.
- Consider signing an appraisal waiver. Appraisals may not be aligned to the speed of the market and you want to be able to favorably compete with cash offers that don’t require an appraisal. Appraisals will catch up with the pendings, but your offer can’t wait.
- Create a personal connection with the seller. Your realtor can find out if the seller needs a leaseback or has any other special circumstances you can meet to make your offer more attractive. Consider a personal pitch along with your financial offer. Sellers are people, too, and sometimes heartfelt stories can make the difference!
- Don’t be afraid of a backup position. You can’t win if you aren’t in the game and the offer that gets accepted may be withdrawn, leaving you the winner!
Buying a home can be a highly emotional experience and adding the challenge of winning a multiple offer battle can make it even more daunting. Work with your realtor to ensure you are mentally and financially prepared to position yourself as strongly as possible. With extra preparation and a strong strategy, you’ll find yourself winning the home of your dreams.
If you’re in need of a realtor that can be in your corner, contact us at intelligentrealestate.com to chat more!