7 Ways to help get your offers accepted in this competitive home buying market

There’s no doubt that our current real estate market is tipped in the direction of home sellers in Sacramento, as buyers often have to visit more homes, write more offers, and face mounting frustration just to get one of their purchase offers accepted.

However, there are strategies that we can employ to help home buyers get their offers climb to the top of the competition – without just boosting the purchase price.

Here are the first seven of my “Ways to get offers accepted in a competitive market,” and please look for part two with more “Ways” coming soon!

Way #1 Get pre-approved ahead of time (so we can submit a great lender letter)
I realize that window shopping for homes online is fun, and driving out so we can take a look inside your favorite choices is even more fun, but homebuyers have some serious work to be done first.

In fact, the very first step of buying a home – after talking to me – is to connect with a great mortgage broker or lender. Based on a simple conversation and, perhaps, pulling your credit, he or she will be able to tell you roughly how much house you can afford, what loan options are available, and what your approximate monthly payment will be. Even better, get them a short list of documents, and they’ll be able to grant you a pre-qualification.

That “pre-qual” will serve invaluable as we look at homes and submit offers, since sellers (and their Realtor) will review all offers, highlighting the strengths and weakness of each – including the buyer financing.

Your lender will also write you a letter that we’ll submit with the offer, exhibiting that you are indeed pre-qualified, the lender has reviewed all of your financial documents, possibly disclose your excellent credit score, and explain why you are a rock-solid candidate to close on the loan (and the home) quickly and easily. All of that is music to a seller’s ears – and will help you get your offer accepted!

Way #2 Timing is everything
Perhaps like no other investment or major purchase, timing is important real estate. Not only do long-term cycles impact home prices, but seasonal timing dictates the ebb and flow of buyers and sellers every year. Likewise, timing is also a factor on a much smaller scale, such as when an individual home buyer finds a house for sale and submits an offer. For instance, remember that most home buyers (who are busy people like the rest of us) go out on weekends to look at a long list of homes, and the majority of offers are also submitted during the latter part of the weekend or on Monday.

But when my buyers are really motivated, I email them (or call, text, etc.) the moment a new listing hits the market, and make time to show it to them no matter what day it is. That way, we can see most listings during the week – before the droves of home buyers come in on Saturday and Sunday. By viewing listings before the weekend – and writing great offers that expire before the cookies are baked for Saturday’s open house, my buyers get a leg up on the competition.

Way #3 Shorten your contingency periods
The standard real estate purchase contract includes a contingency removal period. Typically 17 days, this is the period in the beginning of the transaction when the buyer can conduct all of his or her inspections, review the seller’s disclosures, etc. This is also the time that the buyer can request repairs, new terms, or even negotiate a new purchase price based on the findings.

Once this 17-day period is up, the buyer signs off their contingencies, signaling that they’re all-in on the transaction. Since this is the point of the transaction when sellers know that the deal is on track to close, a key tactic to incentivize homeowners is to shorten this contingency removal period. It won’t cost anything additional for buyers, and they will have to make sure to conduct all of their inspections expeditiously, but it will signal to the seller that they are highly motivated – and help their offer stand out.

Way #4 Increase your earnest money deposit
When you find the house that you truly love and you’re ready to submit an offer, the purchase agreement will be accompanied by an earnest money deposit, which is a check for funds that are held by the title company. The amount of this deposit can range from as little as $1,000 up to about 1 percent of the purchase price.

One effective way to differentiate your offer is by increasing the amount of your earnest money deposit. It doesn’t mean that you’re paying more for the house, of course, since that money will just go towards your down payment/closing costs at the end of the transaction. But the seller will get your message that you’re serious and financially invested in the home, loud and clear!

Way #5 After viewing a property, leave a nice note to the sellers
Sometimes, it’s not timing or even numbers that help your offer get accepted, but the personal touch. Therefore, I often instruct my buyers to bring a nice pack of note cards as we go house hunting, so they can leave a quick note for the sellers at the homes they love. You’d be surprised how a nice personal note with “Thank You,” “You’ve done a great job with the place,” or “We LOVE your home!” goes a long way when it comes time to get their offer accepted.

Way #6 Present a squeaky-clean offer
If you really want your offer to get accepted by a seller, it’s in your favor to present “clean” offers, which aren’t muddied by complicated clauses, unusual requests, and extraneous conditions. When buyers ask for closing cost credits, non-standard allocation of fees, extra inspections or repairs at the seller’s cost, the inclusion of appliances or furniture, and other nitpicking terms, home sellers may be less likely to see that offer as their best option – even if the price is right. Keep it simple and direct, and sellers will respond the same way.

Way #7 Use Courtney Way as your buyer’s agent!
Are you looking for another way to get your offers accepted in this competitive seller’s market? Use Courtney Way as your Realtor! My experience, dedication, and industry knowledge will help us find the house you love, negotiate the best price and terms, and, most importantly, help get your offer accepted!