By Sandra O’Conner, Howard Hanna
Here’s what is going on in our market today…currently, several areas are very competitive, with many houses receiving multiple bids.
Multiple bids are usually a result of a variety of factors.
- The home is priced right
- The home was well taken care of and is in great shape
- The home is in a great location
- There is a shortage of other inventory in that price range
If you find yourself in that happy situation as a seller, be sure to choose your buyer carefully. Check on their qualifications as a buyer. Is the sale subject to completion of their own house sale? If so, is it looking good on that end? It’s not always all about price―a flexible closing date could seal the deal. It would allow the seller the flexibility to move to the home of their choice without a temporary move. You will want your realtor to follow up on these and any other particulars that could affect the sale of your house.
As a buyer in a competitive situation―make sure your lender’s prequalification letter is up to date―yes―that is a must! Any changes in interest rate will affect your purchasing power. Consider writing a letter to the seller with just a little information about yourself and your family and why you like their home. Any flexibility as far as a closing date could be important to them if they are also moving.
You should make your best offer up front, as you may not get another chance to bid on that home.
Thinking about selling or buying? Give me a call and we can talk about it.