Combine a low inventory with an influx of Buyers, and you get what we call a multiple offer market. When there are limited properties on the market, and more buyers than there are listings – the buyer competition is fierce, and Sellers can take their pick of offers. The high buyer competition is happening across the country with many people flocking from the city life to a more laid-back lifestyle and as many employers are allowing their employees to work from home either permanently or the foreseeable future. A lot of our Buyer clients have been asking, how do we stand out in a multiple offer market – check out some of our recommendations below:

• Before you begin shopping for your home, get Pre-Approved with your lender. As opposed to a Pre-Qualification, a Pre-Approval means that your income and asset information has been verified and this lets the Seller know you are serious and ready.
• Doing a higher initial deposit is a great first step, this allows you to get some immediate skin in the game. This shows the Seller that you are ready to jump right in.
• Make your highest and best offer straight out of the gate. This is not the market to start with a lower offer, decide on the highest amount you are willing to spend on a property and make that your initial offer.
• Add an escalation clause that will automatically jump your offer price above a higher competing offer, including a max price of course.
• Remove contingencies from the offer. Contingencies are extremely important for Buyers in a transaction, only remove contingencies from the offer after going over the contingency with your Realtor!
• Write a letter. Be sure not to violate any Federal or State Fair Housing discrimination laws, but it is okay to explain your love of the area and the house!
• Put as much cash into the deal. In this market, cash is often what Sellers are drawn to it makes your offer more competitive to have more cash in a deal. 

A lot of our Buyer clients have been asking, how do we stand out in a multiple offer market – check out some of our recommendations below: We know this could be discouraging news for a Buyer right now. But keep in mind, it might be worth the extra effort for you. Especially if you are getting a mortgage. Rates are incredibly low still, so low that this increases your budget significantly from what it would have been two years ago. Try to stay positive and not get discouraged, the market appears to only be going up from here! Which also means the possibility of equity!