fbpx
Make Your Best Offer FIRST
This strategy is not about trying to negotiate the best price; it is about beating out the competition and buying the home. It may be difficult to understand until you have lost a few homes to better offers but when the reality of the situation is that there are not that many homes on the […]
Make Your Best Offer FIRST
This strategy is not about trying to negotiate the best price; it is about beating out the competition and buying the home. It may be difficult to understand until you have lost a few homes to better offers but when the reality of the situation is that there are not that many homes on the […]

UUcmy0qZF0CJpNIpwd77SA.jpg

This strategy is not about trying to negotiate the best price; it is about beating out the competition and buying the home. It may be difficult to understand until you have lost a few homes to better offers but when the reality of the situation is that there are not that many homes on the market, the competition heats up and different tactics are necessary.

Sales in December were annualized at 6.76 million, a 22.2% increase year over year according to the National Association of REALTOR®. The median sales price is $309,800 which is up 12.9% from the previous year. Inventory for December fell to 1.9 months’ supply from 3.0 months’ supply in December of 2019. Six months inventory is considered a balanced market.

Things that work in a buyer’s market will not work in a seller’s market. The shortage of available homes for sale has led to not only shorter market times but multiple offers that have sales prices above the listing price. Buyers, especially in entry to mid-level priced ranges, may have lost out multiple times to buy a home.

Buyers must be strategic if they want to successfully find a home. There are some things that are absolutely essential to just be in the game.

Unless you are paying cash and have adequate proof of funds, you need to get pre-approved. REALTORS® and financial advisors have been saying this for decades, but it is critical now. There are plenty of reasons that benefit the buyer but most importantly, it is to show that a buyer is serious and has gone through the effort to have a lender run his credit and verify his income, expenses, employment, and credit.

If the home fresh on the market, in a desired location and price range, you need to assume there will be competing offers and you may never even get a counteroffer from the seller. You need to consider making your highest and best offer first, as if you will not get a second chance. This is more difficult for some people than others because of their bargaining nature.

Earnest money that accompanies a contract shows that the buyer is acting in good faith. The amount that may be customary may not be enough in a competing market. Consider two or three times what might be normal. Talk to your agent about what would make an impression on the seller.

While contingencies will protect your earnest money from specific concerns like loan approval and inspections, the seller will look at them as ways that the buyer can get out of the contract and they’ll need to put the home back on the market. If a seller is presented multiple offers, they might be prone to accept one with the least contingencies, especially, if the prices are comparable.

There is usually a period connected to the different contingencies that are allowed to complete them. By shortening these times as much as possible limits the time the seller might feel they are in limbo.

If you have the flexibility, you might express your willingness to move the closing and/or possession dates to accommodate the seller’s schedule. This could be an important factor in your favor and could be done in a verbal statement conveyed from your agent to the listing agent.

These are things buyers should consider and discuss with their agent before they find the home that they want to buy. While you are formulating your position, another offer may be accepted before you even make yours. For more information, download our Buyers Guide.

LIST OF BLOGS

6814 Dean Dr, Mclean, VA 22101

Price: $2,449,999 6814 Dean Dr, Mclean, VA 22101 MLS #: VAFX2011588 Tax ID #: O Ownership Interest: Fee Simple Structure Type: Detached Levels/Stories: 3 Furnished: No Waterfront: No Garage: Yes Beds: 6 Baths: 6 / 1 Above Grade Fin SQFT: 5,811 / Estimated Price / Sq...

6709 Heatherford Ct, Rockville, MD 20855

Price: $600,000 6709 Heatherford Ct, Rockville, MD 20855 MLS #: MDMC2008068 Tax ID #: 160400132685 Ownership Interest: Fee Simple Structure Type: Detached Levels/Stories: 2 Waterfront: No Garage: Yes Beds: 5 Baths: 3 Above Grade Fin SQFT: 1,176 / Assessor Price / Sq...

12942 Sugarloaf Chapel Dr, Clarksburg, MD 20871

Price: $574,999 12942 Sugarloaf Chapel Dr, Clarksburg, MD 20871 MLS #: MDMC2008426 Tax ID #: 160203433166 Ownership Interest: Fee Simple Association: HOA Structure Type: Interior Row/Townhouse Levels/Stories: 3 Waterfront: No Garage: Yes Beds: 4 Baths: 3 / 0 Above...

5540 Colfax Ave, Alexandria, VA 22311

Price: $795,000 5540 Colfax Ave, Alexandria, VA 22311 MLS #: VAAX2001994 Tax ID #: 010.01-01-03 Ownership Interest: Fee Simple Structure Type: Detached Levels/Stories: 1 Waterfront: No Garage: No Beds: 4 Baths: 2 / 1 Above Grade Fin SQFT: 1,596 / Assessor Price / Sq...

2304 Kimball Pl, Silver Spring, MD 20910

Price: $769,000 2304 Kimball Pl, Silver Spring, MD 20910 MLS #: MDMC2008540 Tax ID #: 161301004297 Ownership Interest: Fee Simple Structure Type: Detached Levels/Stories: 3 Waterfront: No Garage: No Beds: 4 Baths: 2 / 1 Above Grade Fin SQFT: 1,420 / Assessor Price /...

5970 Edgehill Ct, Alexandria, VA 22303

Price: $629,900 5970 Edgehill Ct, Alexandria, VA 22303 MLS #: VAFX2011844 Tax ID #: 0833 36 0013 Ownership Interest: Fee Simple Association: HOA Structure Type: Interior Row/Townhouse Levels/Stories: 3 Waterfront: No Garage: No Beds: 3 Baths: 3 / 1 Above Grade Fin...

3071 Southern Elm Ct, Fairfax, VA 22031

Price: $589,900 3071 Southern Elm Ct, Fairfax, VA 22031 MLS #: VAFX2010772 Tax ID #: 0483 36 0086 Ownership Interest: Fee Simple Association: HOA Structure Type: Interior Row/Townhouse Levels/Stories: 3 Waterfront: No Garage: No Beds: 3 Baths: 3 / 1 Above Grade Fin...

14007 Betsy Ross Ln, Centreville, VA 20121

Price: $524,900 14007 Betsy Ross Ln, Centreville, VA 20121 MLS #: VAFX2011830 Tax ID #: 0652 09 0211 Ownership Interest: Fee Simple Association: HOA Structure Type: Interior Row/Townhouse Levels/Stories: 3 Waterfront: No Garage: No Beds: 3 Baths: 3 / 1 Above Grade Fin...

6496 Davis Ford Rd, Manassas, VA 20111

Price: $475,000 6496 Davis Ford Rd, Manassas, VA 20111 MLS #: VAPW2004522 Tax ID #: 7994-58-9860 Ownership Interest: Fee Simple Structure Type: Detached Levels/Stories: 2 Waterfront: No Views: Garden/Lawn, Trees/Woods Garage: Yes Beds: 4 Baths: 3 Above Grade Fin SQFT:...

RECENT POSTS

ABOUT  TWENTY
THREE HOMES

The Twenty Three Homes are one of the premiere real estate groups locally, nationally and internationally, specifically dealing with high-end properties and exclusive clientele. Partner with Keller Williams Twenty Three Homes are full service real estate experts whose clients benefit from the custom tailored, hands on service while receiving all the exclusive amenities and resources of one of the most established and respected firms in the business.

GET IN TOUCH