'Tis the season of "FLASH SALES"! The moment a home (in the "high-demand" range) becomes an active listing, the race is on! As we approach the months that would normally be considered the peak months for real estate sales, I can only imagine the competition will escalate.
The shift in our market has caused frustration and disappointment for many buyers who have made offers on multiple homes before finally getting an accepted offer.
If you are a buyer facing the multiple offer predicament and want to insure your offer stands out:
1.) You should make sure your Realtor has a verification of funds or pre-qual letter from your lender to submit with the initial offer.
2.) Make a reasonable/attractive offer. It is a seller's market.
3.) Prepare to make your highest and best offer if given the opportunity.
4.) Have the final price and terms "set" in your mind and refuse to regret the decision you made if another offer is accepted.
5.) Don't get fixated on the small stuff in the initial offer. For example, non-realty items tend to water down a good offer; especially, when a seller has more than 5 offers to compare. (After the offer has been accepted, ask your agent to ask for the other items.)
6.) If you are suspicious your offer may not be presented to the seller, ask your Realtor to submit a form titled, Evidence of Presentation of Earnest Money Contract. The listing agent must get the seller's signature acknowledging the offer and send it back to the buyer's agent.
I have made another interesting observation in this market shift. With buyer's offers exceeding the original asking price and other details negotiated in the seller's favor, buyers have a sense of entitlement when negotiating the repairs. The mindset seems to be, "If I am paying top dollar, I want a house in good condition with the majority of repairs done."
Sellers on the other hand are NOT so quick to give in to cosmetic repair requests or non-safety issues when they know there is a line of drooling buyers at the door.
For the buyers whose offer was not accepted, be prepared to adjust your criteria and your "must-haves". Stay encouraged. The right house is out there!