Whether you're a property owner in Dover, DE, or looking to relocate to the area, knowing the market is a crucial first step. A “Seller’s Market,” simply put, is when the number of homes for sale is low and the demand is high. For buyers, it’s not only a matter of paying more to get the house you want—many factors go into successfully closing on a home in a seller’s market. To guide you through this process, the experts at Burns & Ellis Realtors have compiled their best tips for getting your offer accepted. If you are in or around the Dover area searching for your dream home in a seller's market, use these tips to adapt your home buying strategy and contact the experts at Burns & Ellis Realtors today!
Expert Tips From Burns & Ellis Realtors
Make Your First Offer Your Best
First and foremost, make sure you get a mortgage pre-approval. Having the entire underwriting process behind you before you start shopping for your home will clear the way for you to get your offer in early, leading to a better chance of closing. In some cases, completing this process can be as appealing to a seller as a cash offer! Once you’ve gotten pre-approved, put your best offer on the table. In a seller’s market, there is less room for negotiating because, more than likely, someone else will be willing to offer more. In a seller’s market, the listing price is typically just a place to start. Make a competitive offer to better your chances.
Prepare for a Bidding War
It’s always good practice to look for homes under your budget so you can bid up, but bidding wars are even more common in a seller's market. If you’re set on buying a home, act quickly and be willing to buy under budget. This way, your offer will be competitive, you’ll have room to bid up, and you’ll increase your chances of having your offer accepted.
Use Cash
When possible, make a cash offer. Cash offers are always competitive, but especially so in a seller market. If a cash offer isn’t feasible, offer up a cash deposit. Increasing the amount of cash in earnest money or good faith deposit may seal the deal!
Make A Connection
Making an emotional connection with the seller isn’t foolproof or even always possible—but if you have a chance to stand out, use it! For some sellers, nostalgia for their home can be strong, and a short, personal letter from a buyer that shares how they’d enjoy living there might sway them. Write a letter to the seller about how you hope to raise your family in the same home they raised theirs, promise to maintain the integrity of a historic home, or show how much you look forward to taking care of the property's garden or landscaping. It’ll show that you’ll also have a sentimental attachment to the home—and probably tug on their heartstrings too.
Get the Best Real Estate Agent Possible
An excellent real estate agent is every buyer’s secret weapon. Not only are they seasoned negotiators with the knowledge of the area needed to make a competitive (yet reasonable) offer, but they are well connected. An experienced realtor, like those at Burns & Ellis Realtors, can help you get your offer accepted in a seller’s market. Send us a message or call our office in Dover, DE, today to see how we can help!