In a competitive real estate market like that of the Main Line area, it’s incredibly important to stand out as a buyer—especially if you expect to find the home of your dreams at a price you can afford. Sellers in a hot market likely see a lot of buyers, and might even get multiple offers, so what will make a seller accept your offer over others?
Stand Out as a Buyer… Without Raising Your Price
Obviously, one of the most prominent ways a buyer can stand out is by offering a higher price than other buyers. But for many, this isn’t a viable option, and nor should it be! There’s no reason to pay more for a home than it’s worth—and certainly no reason to pay more than you can afford—when there are plenty of other ways to appeal to sellers.
Here’s how you can stand out as a buyer.
Get preapproved
One of the most important things you can to stack up against the competition is to get preapproved for a mortgage. Getting preapproved doesn’t require too much work on your part—a phone call to a lender or two will get you headed in the right direction. And it goes a long way to showing sellers you’re serious AND qualified.
When you submit an official letter of preapproval with your offer, you show sellers that you’re able to qualify for enough of a loan to actually back the offer you’re making!
Write a buyer’s letter
Selling a home is a huge financial decision. But sometimes we forget that, for many sellers, listing a home is a big emotional decision, too. After all, a home is more than just a house; it’s a place to live, make memories, and share experiences.
Using a buyer’s letter can appeal to the more emotional side of home selling by showing the seller how you plan to make a home—and a life—in their house. It gives your offer a story and some personality, rather than just a bunch of numbers and dates.
Be prompt & decisive
Before you even start your home search, know what you want. By knowing your wants and needs, where your dealbreakers lie, and your bottom-line budget, you put yourself in a position to act fast when you see a home that meets your criteria.
When you know what you want, where you want it, and how much you can afford to pay for it, you can quickly make a competitive offer when you find the perfect home. You can also efficiently communicate and negotiate with the seller to reach an agreement—or to move on if necessary.
Be realistic
Making a lowball offer on a home—that is, one much lower than the asking price—will probably make an impression on the seller, but it’s not going to be a favorable one. If there’s one way you don’t want to start out in a competitive market, it’s with a bad impression.
When you make an offer on a home in a competitive market, you want to be especially diligent in your research of comparable sold homes to ensure that you make an offer that’s fair and realistic.
Work with a reputable local agent
Working with an experienced local agent comes with a number of benefits—from finding the perfect neighborhood to negotiating the best price to navigating the close. Working with a reputable local agent comes with even more benefits—like rapport with the seller’s agent.
Agents who work regularly in the area where you’re looking to buy have likely worked with many of the other agents and vendors in the area, which can really come in handy when it comes to negotiating. If the seller’s agent knows and trusts your agent, they might be more willing to work with you and your offer.
Looking for a Great Local Agent on the Main Line?
Thinking of buying a home in the Main Line area of Philly and searching for a reputable local agent? I can help! Contact me today to learn more about how I can help you find the perfect home… in just the right spot.