The 2021 real estate market is hard for buyers. The pandemic has caused many to look for a new home but few to sell their existing homes. The National Association of Home Builders reported that 45% of long-time home searchers haven’t purchased a home because they continue to lose out on bidding wars. The mix of high demand and low inventory has created more than a headache for many buyers and realtors. If you are one of the many seeking to find a new home to call your own here are some things you can do to stand out from the crowd.
Get Pre-Approved
At the end of the day, sellers want to feel comfortable with the offers they are presented with. Many sellers will not even look at an offer if it does not come with a pre-approval. A pre-approval letter shows how serious you are in your pursuit of a home purchase. These letters are vital in the volatile market we see.
Added bonus – you can have your lender prepare a property-specific letter for your offer.
Be Prepared to Use Your Cash Reserves
Increasing your down payment or increasing the amount of earnest money you provide shows everyone that you’re serious and that this is something you truly want. This can be something that a seller would favor over a lower down payment. If you’re in the situation to do so, a 100% cash offer would help you stand out even more above the rest of the offers. This gives sellers the guarantee that your offer will go through and not have financing issues.
Waive Contingencies and Inspections
While some buyers are willing to waive the inspection period, this is NOT for everyone. Highly consider the situation before doing this. Speak with your agent and discuss all of the pros and cons of doing so. Consider the age of the home and other factors that could impact the overall integrity of the structure.
Make it Personal
During this extremely competitive time, it is common for buyers to submit a personal letter to the seller with their offer. This can draw the sellers to your offer based on your interests and your appreciation for the home. Tell the seller why you love their home, how you plan on living your life there and how you might make this house your own. Sellers want to know that the next owner of their home will make it their own and cherish it as they have for many years.
Final Thoughts
At the end of the day even if you follow all of the above suggestions there still might be someone who bids higher than you, is more qualified than you, or presents a more compelling story than you. No matter what, remember that you will find the home that is right for you.
If you are looking to purchase a home in the Dallas-Fort Worth area consider reaching out to Beyond 404 Realty in Forney, Texas. Beyond 404 specializes in working with buyers to find their dream homes. Whether you are relocating to the area or just moving down the street we are here to help your dreams come true. Visit our website and reach out to us to set up an appointment to start your journey.
