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.