Solidifying Competitive Offers in a Seller's Housing Market

While shopping for your dream home can be fun, let’s be honest, making offers in a competitive seller’s market can be pretty stressful. With inventory being low and demand being so high, buyers and realtors find themselves in competitive bidding wars, having to rack their brains to come up with clever ways to win the interest of sellers. Today, we’re sharing three things that might help you navigate the tricky waters of making offers in this market—read on!

Work with a Reputable Mortgage Lender

Realtors are always on the lookout for pre-approval letters, so be sure to connect with a lender who can facilitate this for you at the start of your home buying journey. A pre-approval letter in hand provides a seller with confidence that you are able to obtain the necessary financing and that you might be able to close quicker than the next buyer.

Ask around for lender referrals from friends, family members, and neighbors before partnering with a mortgage lender. Reputable, experienced mortgage brokers do exist, you just have to find the right fit. Remember, it’s okay to ask lots of questions before working with a mortgage professional.

Offer More than the Asking Price

The current market is not one that’s low-offer-friendly, to say the least. Going in prepared to offer more than the listed price on a property sets you up for a potentially better outcome. When saving for your down payment, it might be a good idea to also set aside as much extra cash as possible to help you when the time comes to make an offer. Little modifications in your weekly spending could yield a nice chunk of change for your home buying war chest. Talk to your real estate agent to help decide if you might need to look for a house with an asking price that’s enough under your budget so that you have plenty of wiggle room to offer more than the asking price.

Offer One Month of Free Occupancy

With a new home mortgage, your initial payment isn’t due until one month after closing day. Offering that payment thirty days early can help to communicate your financial stability and readiness. Sellers like to see that the person(s) they’re doing business with are locked and loaded. Additionally, they’ll benefit from your “renting” for a month, which could make your offer stand out from the others.

As a native Idahoan and Boise resident with 26 years in the real estate business, I welcome any and all of your questions about making an attractive offer when shopping for your home in Idaho. We have many other strategies to help facilitate a successful offer—give us a call at (208) 901-3540. We look forward to speaking with you!