If I had to choose one all encompassing real estate tip that will get you ahead of a majority of the competition in the market this year it would all come down to flexibility.
Not only is flexibility good for your physical health, it’s one of the best things you can do to keep the competitive edge in our housing market. So what does flexibility in the real estate market look like? First let’s talk about market conditions.
Currently we find ourselves in a strong seller’s market with very low housing inventory and that trend is expected to continue for the foreseeable future. At the same time, we are continuing to see historical low interest rates so from a buying perspective, now is still a great time to buy. The important part is to understand how these market conditions affect the market and what you can do to stay ahead of it. Here are a few flexibility tips and tricks that will help get your offer noticed and even win you the house:
- Availability for showings
With so few homes on the market, the sooner you’re able to get in to see a new listing the better your chances are of getting your offer accepted. This means potentially scheduling showings for weekday afternoons or evenings. Do whatever you can to stay a step ahead of the weekend warrior home buyers. What’s even better is if your Realtor is able to get you into a property before the home even hits the market. This is not always possible but there are definitely some strategies and search methods your Realtor can employ to keep you ahead of the game.
- Flexibility on Close Date and Contingency Periods
Finding ourselves in such a seller’s market, whatever you can do to meet their needs for the transaction the better chance you have of getting your offer accepted and keeping you ahead of other buyers who don’t have similar flexibility. Sometimes flexibility in contract terms can even beat higher priced offers. One of the most important things to a seller aside from price and financing is your proposed closed date (should be 30 days or less from time of offer) and how quickly can you get through your home inspection and appraisal contingency. In general, sellers want to get out of those contingencies and to the closing table as quickly as possible but every situation is unique so it’s important your Realtor has a conversation with the listing agent before constructing your offer so we can put you in the best position.
I know it seems like buyers are bending over backwards for sellers these days and you’re not wrong. With low inventory and low interest rates there are more buyers in the market than ever competing for the same homes. There is especially a rush as interest rates are expected to continue to rise so savy home buyers who can make it happen sooner than later and doing everything they can to get out there and in a home. Just remember we are here to help. Be sure to CONTACT US and let us answer any questions for you.