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Since our local housing marketplace currently favors sellers, home sales are likely to end up in a multiple offer situation. Today, we want to give advice to buyers on how to compete and thrive if they experience this.
Conventional wisdom tells us the highest offer is best. However, that’s not always the case. There are other factors that go into making a decision. Although price can make up for all these factors, it isn’t always the most powerful.
For instance, the strength of the buyer’s financing plays a huge role. There are different types of loans with different amounts of down payments out there. Additionally, sellers pay attention to whether the buyer uses a local lender or an online resource. A seller wants their agent to be able to call that lender and have a comfortable conversation with them about the offer.
Another one is the closing date. As a buyer, if you have flexibility to close sooner or later, that could have a huge impact on the seller’s decision. A seller might want additional time or the ability to move as quickly as possible.
Also, the inspection time period comes into play. An offer that requires a week and a half for an inspection might not look as attractive as one that requires three days. The seller likely will want the inspection completed within the least amount of time as possible.
If you’re thinking about buying or selling a home in the surrounding Twin Cities area, contact us via phone or email. We’d be happy to serve your local real estate needs and answer any questions you might have!