A recent trend in real estate, in the Northeast Kingdom is the increase in activity for homes in the $150,000 to $200,000+/- price range. As we continue to see low interest rates, the number of actively-looking home-buyers increases.
In the last couple of months, at Tim Scott Real Estate alone, we’ve had five of our listings in that price range go under contract within 2 weeks of listing! Four out of five of those listings had multiple offers. Great news for Sellers – if you’ve been considering listing your home and fall into that price range, it may be the perfect time to act.
However, as a Buyer in this competitive market, if you become one of multiple offers on the house - what can you do to make your offer stand out?
1. Have Your Pre-Approval Letter Ready to Go
If you’re going to be financing the property make sure to have your pre-approval letter updated and present a copy of the letter with your offer. If you feel that having the full amount of your pre-approval will inhibit your negotiations, have your loan officer provide you with a pre-approval letter without the full amount your pre-approved for. Your lender can change the number to coincide with your offer. Most sellers will not even consider an offer from a buyer that has not consulted with a loan officer.
2. Less is More…When it Comes to Contingencies
Even if the amount your offering is strong, sellers can feel overwhelmed if the offer comes with a laundry list of contingencies. The less contingencies there are, the better the chances the property will close and therefore be more appealing to sellers. Keep only the contingencies that are important and protect you as a buyer.
3. Include a Personal Letter
Although home owners want to get top dollar for their properties, it also can be a very emotional experience. Write a letter to include with your offer describing who you are, what your family is like, and what you love about their home. It can be very reassuring to a seller to know that the next home-owner will love the house as much as they did. It can be that extra weight to tip the scales in your favor if the competing offers are similar to yours.
Contact the team at Tim Scott Real Estate with any questions about the home buying or the home selling process.