How to Write a Winning Offer in a Competitive Market
In the current competitive real estate market, knowing how to craft an irresistible offer is crucial. If you’ve been wondering how to stand out among multiple buyers and secure that dream home, you're in the right place. Here are top tips from real estate expert Kevin Cisario on writing a winning offer.
Speed is Key
In a hot market, time is of the essence. Some homes have a scheduled date for reviewing offers, giving all potential buyers a set timeframe to submit their offers. However, many homes review offers as they come in. In these cases, being quick can give buyers a significant advantage. Scheduling a viewing as soon as possible and being ready to submit an offer promptly can sometimes lead to the offer being accepted before others even have a chance to see the property.
Competitive Price and Terms
A competitive price is essential to catch the seller's attention. The offer should reflect the value of the home and current market conditions. Additionally, the terms of the offer should be favorable. This includes the speed of closing and the strength of the offer. Sellers often favor offers with quicker closing times and fewer contingencies, which can make a significant difference in a competitive situation.
Meeting the Seller’s Needs
Understanding and meeting the seller's needs can make an offer stand out. One effective strategy is offering seller possession, which allows the seller to stay in the home for a week to 29 days after closing. This gives them time to purchase and move into their new home. This added convenience can be a deciding factor, especially if the competing offers are similar.
By keeping these three strategies in mind—acting quickly, offering a competitive price and favorable terms, and accommodating the seller's needs—buyers can significantly increase their chances of writing a winning offer in today’s fast-paced real estate market.
Stay tuned for more tips on navigating the real estate world and crafting winning offers. Happy house hunting!
