Despite an ongoing pandemic and economic turmoil, the Triangle’s market shows no signs of slowing down! As homes continue to fly off the market here in the Raleigh area, you may be wondering how to stand out as a buyer. And believe it or not, taking a few extra steps can make a huge difference.
Here’s How Buyers Can Compete During the Summer Market
The summer market is infamously competitive for Triangle buyers, and the competition has only gotten tighter. Shrinking inventory and higher demand has caused many new listings to go under contract within hours, which means you’ll need to step up your real estate game if you want to find your dream home.
Here are a few simple ways to stand out as a buyer during the hot summer market!
Before you even start searching for a home, you’ll need to get preapproved for your mortgage. In a nutshell, getting preapproved means that a lender has reviewed your finances and cleared you to borrow a specific amount of money. You’ll find the details of the loan in your preapproval letter.
Once you have your letter in hand, sellers will be more likely to view you as a serious buyer and accept your offer because you’ve already secured your financing. It can also speed up the closing process, too!
Be prepared to offer more money
Here in the Triangle, competitively priced homes sometimes sell within a few hours after they’re listed. So if you want to be considered by sellers, you may have to offer above asking price from the get-go. This may seem discouraging, but it’s worth the extra money if you really love a home.
If you do choose to enter into a bidding war, make sure you know the absolute maximum that you’re willing to pay. Knowing your limits can help keep you on budget!
Consider more than just price
Nowadays, it takes more than just a high offer to make an impression on a seller. Consider requesting a quick closing and inspection, as well as minimal contingencies, to make you stand out in a sea of other buyers. These terms often benefit the seller, especially if they’re looking to move fast.
If you receive a counteroffer from a seller that asks to change your original terms, you may have to make a few compromises. However, it’s best to be realistic—if you can’t meet a quick closing deadline, be upfront about it. You may be able to meet in the middle or renegotiate.
Attach a personal letter to your offer
Want to add a personal touch to your offer? Consider attaching a handwritten letter so the seller can learn a little bit about you. Be sure to introduce yourself and highlight what you love the most about their home. If possible, try to make a connection with the seller—you want them to see you as a person and not just a number!
This is also a good opportunity to explain the details of your offer, so be sure to mention if you’re preapproved or want to close quickly.