How Can Buyers Compete in a Tight Seller’s Market?

The key to winning the home you want in a tight seller’s market is following a few simple tips.

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Here in Lane County, as we close the book on May, we’re down to 1.8 months of inventory. This means there are more buyers out there than there are available homes.

As a buyer, what can you do to make your offer more attractive to sellers without overpaying for the home you want?

First, have your agent call the listing agent and find out as much as they can about the seller. Why are they moving? What’s their moving date? Have they already purchased a new home? Knowing the answers to these questions will help you craft your offer. For example, if you find out when they need to move, you can adjust your closing date so it’s more appealing.

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In this market, why would anyone choose a low offer when they have other offers that are either at or above their asking price?

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Next, make sure you have a strong pre-qualification and offer a good earnest money deposit. The higher your deposit is, the safer your offer looks.

Also, try minimizing your inspection timeline. The average timeline for completing inspections is about 10 days, so if you tell the seller you can get yours done in, say, three to five days, that sends a clear message that you’re ready to buy now and you won’t be picky in terms of what repairs you ask for.

Whatever you do, don’t try lowballing the seller. Remember, they’ll likely have more than just your offer to look at. In this market, why would anyone choose a low offer when they have other offers that are either at or above their asking price?

If you’d like to know more about how you can compete in a seller’s market or you have any other real estate questions for me, don’t hesitate to reach out to me. I’d be happy to help you.

Preparing Your Home Before the Inspection

Before your home gets inspected, check off these easy-to-fix items so they don’t show up in the final report.   

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Let’s say you’re a seller and you’ve received an offer on your home. In the ensuing days, an inspector will come to the home and check for various items of concern—rot and pests are a few examples.

As the seller, you can act preemptively and take care of a few items before the inspector has to be the one who flags them. Here’s how: 

First, make sure all lightbulbs inside and outside your home are working. When it comes time for showings, illuminate your home a little more by installing brighter bulbs—especially if yours are a little older and have dulled.

You’ll want to check and potentially replace your CO2 and carbon monoxide detectors as well. Your current detectors may have served you well for the last ten years, but being as they’re older models, the inspector will make a note of that in the report.

Ensure that your water heater is secure in the event of an earthquake by tying two straps, not just one, to it. Next, clear any debris that may have collected around your electrical panel, your attic space, or underneath your house. The inspector needs to have unobstructed pathways and access to these areas.

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As the seller, you can act preemptively and take care of a few items before the inspector has to be the one who flags them.

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For those who have pets, be sure to place them in a carrier or take them with you when leaving the home to let the inspector conduct their work. 

Also, every toilet in your home will need to be squeaky clean before the inspector sets foot in your home.They will use a moisture detector to establish whether any seepage is coming out from the wax rings, so scrub the area around the base of the toilet.

Another thing that will catch the inspector’s eye is the downspout. If yours run straight down and water isn’t being properly diverted away from the home, you can expect to be flagged in the final report. To avoid this, purchase a plastic downspout diverter—they’re inexpensive, and they’ll funnel the water about nine to 12 inches away from the home.

Those are just a few easy and quick loose ends up to tie up in your home before having an inspection done. If you have any questions, please feel free to text or call me at 541-554-5825 or shoot me an email at garyraze@remax.net. I look forward to talking with you soon!