Hot Tips For BuyersTo Use In This Hot Seller's Market

I've recently been working with a lot of buyers and I've heard a number of them ask about the comps (comparable recent sales) of a house they are interested in putting an offer in on. There have been a number of times that once the buyers find out what the comps are for a house, whether it be from me telling them or the online Real Estate websites (zzznot the place to look for za compz!) that they base their offer on the average comp price. No no no no.....In case you were wondering, we are now in a seller's market and a very competitive one at that. If your goal is to get a house then you must try to be the highest and best offer. So if you are making an offer that is not close to, at, or above the highest comp out there, then truly, you are not in the market to buy a house at this time. If the house is priced well, and in a desirable area, and you make an offer at or under the listed price, you are most certainly not getting the house. I know that it is hard to come out of a market, where not too long ago, there were a lot of short sales to choose from and you could negotiate the home price with the seller, but that time is gone. And I highly urge anyone in the market to buy a home right now to go into the process with the goal of buying a home, and not trying to get "a deal".  The deals are still out there which is why the market is so hot right now. And here are the deals: the low loan rates, the houses (while going over list price a lot) may still continue to rise for years from now. Those are the deals. If you choose to look for any others, you may be out of luck and spend good time getting beat out of the market. And when putting your offer together, ask your Realtor what else you can put in your offer to make it desirable, other than the price.
There are many other things in the offer that you can include, or not include, that may get the seller's attention and get your offer chosen.  Here are a few things you should talk with your Realtor about concerning the offer:
1. Do you really need the refrigerator and washer/dryer? Maybe don't ask for those and if you really want them, maybe offer to purchase them separate from the home purchase.
2. Can you offer a shorter escrow time period? Seller's would love to see the money from the sale sooner than later.
3. Can you shorten your contingency periods and maybe do your inspections in the first few days? Or talk over the other contingencies with your Realtor and see if those may be shortened.
4. What about the costs for Retrofitting and certifications for this? Ask your real estate agent what this may cost and is this something you can pay for?
5. Home warranties are great! I recommend having one. The average home warranty may run $400-$600. Is the house you want to buy worth you paying for this yourself?
6. Ask your broker about the NHD report. This is usually at or under $100. Do you need the seller to pay for this?
7. And what about the termite and pest inspection and correction? Depending on what the inspection says, if you offer to pay for this, it could be in the thousands...but maybe this is something you are willing to do as a buyer?
8. And last but not least, and this one doesn't cost you a dime; write a letter to the seller with your intentions for the house, and be honest. Are you going to move into the home and make it your home for years to come? Are you going to care for the house and yard the way the sellers have done for so many years? While a letter like this may not mean much to some sellers, it may make a huge difference to others...and it's totally free.

Talk about all these options and more with your real estate agent and good luck with buying and selling your home. And when you are ready to list your house, I can walk you through the best way to get the best dollar for your home, so call me anytime.