Right now real estate inventory in King County is low. That means that there are fewer homes on the market than there are buyers, making it a seller’s market. It also means homes for sale will sell more quickly, at higher prices, and some will receive multiple offers.
That’s a good thing for sellers, but it creates a bit more work for homebuyers. You’ll want to have a good Realtor (like me!) to consult with and to handle the negotiations, but here are 4 tips to follow to improve your offer’s chances of getting accepted!
- Understand how much you can afford to spend. Before you start your home search, you want to get pre-approved for a mortgage to know that you can get financing and to identify that sweet spot in terms of your budget. You want to know that figure going into negotiations.
- Act quickly. Because it is a seller’s market, competition for the few homes on the market is stiff. The national average inventory of homes is currently 4.7 months; it is 6 months in a normal market. In other words, buyer demand has outpaced the supply, so when you find a home you want and can afford, make your offer quickly.
- Make an attractive offer. Your Realtor will help you come up with a price that’s fair and that will increase your chances of having your offer selected. Factors that will go into determining that dollar amount will include the sale of similar homes in the area, the condition of the home and what you can afford.
- Make your offer stand out. In addition to making a solid offer, consider writing a letter to the seller to let them know why their home is a perfect fit for you and your family. We know of a recent Kent sale where a family did just that, and it swayed the home seller into choosing their offer over others because she felt that particularly family deserved to have a home like hers.
- Be ready to negotiate. Often times, the seller will issue a counteroffer in terms of price or perhaps the timing of the closing date. Be prepared in advance so you know what your best offer is and what contract terms you are willing to negotiate.
Working with an experienced Realtor is your best chance for selecting the right home and for making an offer that has a good chance of success. Have questions? Please contact us. Team Marti is standing by to help.