Real Estate

Best Buyer Strategies to Be Successful in A Multiple Offer Situation

How can I best prepare to make a successful offer for a home purchase?

(Photos: The Seward Group)

Alexandria, VA – Hi Alexandrians! It has been a robust spring market (starting in January) in our beloved Alexandria and all of Northern Virginia. While we are seeing inventory increase some, most well-priced and well-presented homes are receiving multiple offers and contracting at over list price with many buyer contingencies waived.

No market lasts forever, as markets are fluid and fluctuating, like all goods, services, and economies.

  • Have you tried to write offers on a home that are not being accepted?
  • Are you thinking about starting your home buying search?
  • Want to know how to be successful in our current market?

Here are a few tried and true recommendations from your favorite local realtor team:

  1. Hire a great buyer’s agent – (think of us!)
  • One who you truly trust to represent you with your biggest purchase
  • One who knows the local market exceedingly well
  • One who will always represent your highest and best interests
  • One who has great realtor relationships with the local realtor community
  • One who is competitive, savvy, smart, but also ethical. (Call us!)
  1. Connect with a great lender.
  • If you are not paying for your home purchase with liquid assets (cash), it is imperative that you complete and have your loan pre-approval in place
  • A pre-approval can be done easily online and takes about an hour
  • Your agent will be able to recommend several of their top-tier preferred lenders
  • Your agent referrals should guide you to lenders that are honest, ethical, competitive, and competent
  • We make zero money referring you to our preferred lenders, we all simply like to work with smart people who can get you across the finish line

Your lender will be able to extrapolate what price point you should consider looking at based on your maximum monthly outlay amount. You must take into account the monthly cost of not just your mortgage, but semi-annual local taxes, and homeowners insurance.

Start your process of elimination and discovery.

  • Where do you want to live?
  • What is important to you? Walkability? Nature? Schools? Commute?
  • You will have to define your geographic preferences.

Your agent (think us) will help you with this process. Your agent (still us) can then set you up on auto emails so that you can pace the market and begin to see what type of homes speak to you.

When you find a home that you are very interested in, have your agent (still us) show it to you on Thursday (when most homes go active) or Friday – DO NOT wait for the weekend, as many homes are already under contract.

Consider a pre-offer home inspection, allowing you to still learn if there are any potential problems with the home and still have a home inspection (which is very important). This will enable you to write an offer to purchase without a home inspection contingency (great for competing).

We have so many additional strategies for helping our clients win, while protecting their highest and best interests. Sorry, but we can’t give away all of our secrets for success. We love to win for our clients, and we are very adept at doing so.

You are never obligated to purchase a home, even when you hire a buyer’s agent, or get your pre-approval through a lender. If you change your mind, or life changes, as it does, you are under no obligation.

Buying a home is a complex process filled with ups and downs, challenges, and pitfalls. Make sure you are being guided through this process with the best of the best!

The success of the transaction truly depends on a competent agent, lender, and title attorney.

The Seward Group would be honored to help you, a family member, or friend with any of your real estate needs.

 

Article written by Lyssa Seward, Team Lead of The Seward Group at TTR Sotheby’s International Realty. The Seward Group offers full-spectrum concierge real estate service at all price points. Email: [email protected], Visit www.seward-group.com, or Call (703) 298-0562.

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