{"id":15391,"date":"2021-02-09T20:38:16","date_gmt":"2021-02-09T20:38:16","guid":{"rendered":"https:\/\/woodriverweekly.com\/?p=15391"},"modified":"2021-02-10T01:37:24","modified_gmt":"2021-02-10T01:37:24","slug":"make-your-best-offer-first","status":"publish","type":"post","link":"https:\/\/woodriverweekly.com\/index.php\/2021\/02\/09\/make-your-best-offer-first\/","title":{"rendered":"Make Your Best Offer FIRST\u00a0"},"content":{"rendered":"

www.LuxuryInSunValley<\/a>.com<\/strong><\/em><\/p>\n

T<\/span>his strategy is not about trying to negotiate the best price; it is about beating out the competition and buying the home.\u00a0It 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.\u00a0\u00a0<\/span><\/p>\n

Sales in December were annualized at $6.76 million, a 22.2% increase year over year, according to the National Association of REALTORS\u00ae.\u00a0The median sales price is $309,800, which is up 12.9% from the previous year.\u00a0Inventory for December fell to 1.9 months\u2019 supply from 3.0 months\u2019 supply in December of 2019.\u00a0Six months\u2019 inventory is considered a balanced market.<\/span><\/p>\n

T<\/span>\"\"hings that work in a buyer\u2019s market will not work in a seller\u2019s market.\u00a0The 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.\u00a0Buyers, especially in entry- to midlevel-priced ranges, may have lost out multiple times to buy a home.\u00a0\u00a0<\/span><\/p>\n

Buyers must be strategic if they want to successfully find a home.\u00a0There are some things that are absolutely essential to just be in the game.<\/span><\/p>\n

Unless you are paying cash and have adequate proof of funds, you need to get pre-approved.\u00a0REALTORS\u00ae and financial advisors have been saying this for decades, but it is critical now.\u00a0There 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.<\/span><\/p>\n

If the home is 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.\u00a0You need to consider making your highest and best offer first, as if you will not get a second chance.\u00a0This is more difficult for some people than others because of their bargaining nature.<\/span><\/p>\n

Earnest money that accompanies a contract shows that the buyer is acting in good faith.\u00a0The amount that may be customary may not be enough in a competing market.\u00a0Consider two or three times what might be normal.\u00a0Talk to your agent about what would make an impression on the seller.<\/span><\/p>\n

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\u2019ll need to put the home back on the market.\u00a0 If a seller is presented multiple offers, they might be prone to accept one with the least contingencies, especially, if the prices are comparable.<\/span><\/p>\n

There is usually a period connected to the different contingencies that are allowed to complete them.\u00a0Shortening these times as much as possible limits the time the seller might feel they are in limbo.<\/span><\/p>\n

If you have the flexibility, you might express your willingness to move the closing and\/or possession dates to accommodate the seller’s schedule.\u00a0This could be an important factor in your favor and could be done in a verbal statement conveyed from your agent to the listing agent.\u00a0<\/span><\/p>\n

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.
\n\"\"<\/em>To subscribe to the Better Homeowners newsletter: tinyurl.com\/y8koftym<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

www.LuxuryInSunValley.com This strategy is not about trying to negotiate the best price; it is about beating out the competition and buying the home.\u00a0It 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 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","_pvb_checkbox_block_on_post":false,"footnotes":""},"categories":[64,38],"tags":[],"class_list":["post-15391","post","type-post","status-publish","format-standard","category-better-homeowners-news","category-sponsored"],"_links":{"self":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts\/15391","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/comments?post=15391"}],"version-history":[{"count":6,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts\/15391\/revisions"}],"predecessor-version":[{"id":15469,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts\/15391\/revisions\/15469"}],"wp:attachment":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/media?parent=15391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/categories?post=15391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/tags?post=15391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}