Let's face it, Marco Island is a great place to live. And these days competing with others who want to buy the same home is becoming more common. If you have not been in this position before, it can be a little bit uncomfortable and frustrating. So let's take a look at why this happens and how you can turn what seems like a problem into an advantage for you.
Why are there multiple offers on a home? Pretty simple equation of supply and demand. Right now there are less homes on the market and more buyers are coming out. This means that they are choosing from a more limited inventory. For homes that are in IDEAL conditions and in DESIRABLE areas, the likelihood is higher that sellers will be considering several offers at once.
Avoiding the temptation to ONLY make it about price is often key to winning against other offers. Often times potential buyers will get into a "bidding war" on the property. Find holistic ways to make your offer more attractive and may even be able to buy a home at a more reasonable price. Here are a couple of tips:
Flexible inspections and shorter deadlines. Oftentimes you can get inspections done more timely than other buyers put into their offers. 30 days sounds a lot less serious than 14 days. This sends an important signal to sellers. It says "I am serious." "I want to buy and get this done." Sometimes a larger deposit or earnest money is another way to communicate your seriousness to a seller. Both of these techniques are simple. They do not cost anything. And yet they help sellers evaluate your offer more clearly and in a better light.
Experience comes into play with this. We know the Marco Island real estate market and what sellers are typically being offered and we can help position your offer in the best light possible. This means that we can get creative in an effort to make your offer stand out without having to resort to price.
Get pre-approved. This is almost an absolute. It is almost like being a cash buyer and it separates you from other offers. It plays on the seller's desire to have a bird in the hand versus two birds in the bush. Without it, it is likely that you will pay more.
Writing an "attractive" offer. This is where my experience can help you. I have the experience in helping you write an offer that protects you adequately but does not add a bunch of unneeded language that lengthens the offer and may in some cases feel threatening to the seller. You can say things in a way that spells out the terms of the deal without undue complication and that allows the seller to sense your sincerity.
Want help with more ways to avoid to a bidding war? That is what we do. Let us represent you and help you get that perfect home at a price you can live with. Give us a call today. We provide this to Marco Island home buyers every day.