Today’s market is a seller’s market, which means sellers generally hold the advantage over buyers when it comes to negotiating. Homes are selling quickly, for top dollar, and with multiple offers. With so much competition out there, you need to know how to make your offer stand out. Here are a few tips to make that happen:
1. Make a high earnest money deposit. If you’re going to make an offer on a property, you’ll have the chance to deposit a high earnest money amount. This will show the seller you’re truly dedicated to buying their house. This fee is also refundable if you decide you don’t like the house or end up not purchasing it for whatever reason (inspections, loans, contingencies, etc.), so you’re not risking anything by putting a lot down.
"Homes are generally selling for 5% to 10% above their list prices, so come with your A-game and make your best offer first."
3. Make your best offer first. Unlike previous markets, there’s no such thing as negotiating downward in this one. I still get calls from buyers wanting to offer below list price, and that just doesn’t work in today’s market. Homes are generally selling for 5% to 10% above their list prices, so come with your A-game and make your best offer first. There are things your Realtor can do in this case to help your cause.
For example, my team and I have been using escalation clauses in some of our buyers’ offers. We’ve also gotten creative in other ways. One of our recent buyer clients owns a cleaning service, so they made an offer to their seller that included two free deep cleanings for their next house. Another one of our buyers even offered a seller free pizza for six months! The point is, think of what you can do to differentiate yourself from other buyers.
Above all, give my team and me a call and let us help you negotiate. We’d love the opportunity to help you find and close on your dream home. If you have any other real estate needs, feel free to reach out to me as well. I look forward to hearing from you.
