Whether you are looking to sell a property and a bidding war is starting, or you are buying and have made an offer, you want to be the winner. In a competitive market, property owners must try to market the property to obtain buyer interest and remain reasonable in negotiations. Because of intense competition, tensions can be high. Having guidelines to follow can help you stay on track. The following explains what you should know about buying or selling real estate in a competitive market.
When buying a property in Olympia, a substantial downpayment and preapproval letter will provide much more confidence when sellers consider your offer.
When selling a property in a competitive market, sorting offers into categories is helpful. One for offers with financing ready in a keep pile and then based on the best debt-to-income ratio. Of course, cash buyers are preferred as financing approval can suddenly be an issue. Large down payments show more interest.
Buying real estate in Olympia, don’t play with the numbers in a competitive market. Bid with your best offer, wave contingencies, and have an upper bid limit in mind. Avoid letting emotions cause you to overpay for a property in a bidding war. Once the passion wears off, the buyer’s remorse quickly sets in. You can add a personal touch with a letter attached to the offer covering your ideas and plans with the property to show you value and appreciate it.
When selling in a busy market, you have to stay calm and consider various factors to find the best offer. Additionally, you have to know the property’s actual market value to have a realistic idea of the sale price. Also, avoid offers with a bunch of contingencies. Once you’ve accepted the offer, you’re legally bound, but you can continue accepting other offers to have a backup ready if the original falls through.
When you’re buying Olympia real estate in a competitive market, consider being extremely flexible with the closing timeline. Relieving the sellers’ stress of having to move twice because their new home won’t be ready in the typical 30-day range could go a long way to put your offer at the front of the line.
Selling in a competitive market may provide you the opportunity to negotiate a rent-back agreement with your buyer. This agreement will give you extra time to remain in the home after closing if the new home you’re building has setbacks in the finish date or another matter slowed the ability for you to move.
Buying? If you haven’t found your next investment property in Olympia, at Sound Home Buyer, we have a steady inventory of the best investment properties available.
Selling? Sound Home Buyer pays cash for your home as-is, with closing in a few days or whenever you’re ready. After detailing what you could sell for on the market vs. our offer, Sound Home Buyer will make an offer you’ll agree is more than fair,
Sound Home Buyer professionals make buying and selling Olympia real estate in a competitive market easy. Sound Home Buyer understands what it takes to stay on top of the competition, with the experience to help you make the right move at the right time at a fast pace. We take the time to listen to your concerns and answer any of your questions here at Sound Home Buyer, with no obligation. Contact Sound Home Buyer at (253) 201-8008 today!