Five things a buyer must do to win a bidding war

  • 5 months ago
  • Blog
  • 1

“Smell the sea, and feel the sky. Let your soul and sprit fly.”
-Van Morrison

If there is one thing every real estate expert can agree on, it is that we are in a seller’s market.

But buyers should not be worried. The MJR Groupe knows what it takes to be a successful buyer in a seller’s market:

1. Mind your manners.

During times of heightened emotion and stress, it’s easy to get caught up in the moment and not behave as your ideal self. As your agent, I will do everything I can to make you look like the ultimate buyer. However, you can help by keeping your emotions in check.

2. Come prepared.

Right now, if you see a home you want to put an offer on, you should assume others have fallen in love with it too. To let sellers know you’re serious about buying, you should be “offer ready” every time. That means having mortgage pre-approval letters, proof of funds, and perhaps even a real estate attorney on retainer.

3. Come on strong.

When it comes to making an offer in a competitive market, you need to put your best foot forward. Now is not the time for making a low offer and hoping it’ll take. If you want the house, you’re likely going to have to offer above the asking price.

4. Money talks.

Sellers will be hard-pressed not to notice a strong offer, especially in cash. If you’re able to pay cash but don’t want to lose out on historically low interest rates, you can consider delayed financing. In this scenario, you will obtain a mortgage after you have first purchased the real estate in cash.

5. Be selective.

Choose your agent wisely. In a scenario where two offers are comparable, but one buyer is represented by a highly efficient agent and the other isn’t, I will always advise my client to take the offer of the more capable agent.

It can feel overwhelming shopping for a home among fierce competition. But rest assured, a seller will not easily discount a well-prepared, well-qualified, and well-represented buyer. Let the MJR Groupe help you be that buyer.

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