Is that what it feels like for your Buyers in today’s market? Are they in a contest for survival? Well maybe the market is not quite that challenging but the tide has certainly changed from a buyer’s market to a seller’s market. Growing consumer confidence, continued low interest rates, and low inventory levels has resulted in a feeding frenzy for well-priced listings across the price ranges. Buyers who even as recently as last summer were waiting for their perfect home at a steal of a price, have now realized the market has shifted in the Seller’s favor and are scrambling to compete against strong, and even multiple, offers.
So how best do we serve our buyers in this market? Perhaps the most important differentiator in “winning” a sale is you and your approach to crafting and presenting the offer. Call the listing agent and start asking questions. Do they have any offers? Where are the Seller’s going? Is a specific close date important? The more questions you ask the better you can structure your offer to appeal to the Seller’s needs. I was talking with one of my brokers who had six offers on a recent listing and only one broker called to discuss the listing before writing an offer. The other five agents just faxed/emailed their offers in. Yikes! Another strong differentiator is presenting your offer in person. Be prepared with a summary of your offer that highlights its key points and save price for last. You don’t want the Seller to just focus on price without understanding the structure of the offer. If you fax/email in your offer as most brokers do, you are likely to live and die by your price and will not have the opportunity read the Seller and their reaction to your offer as it is presented. Does it take more time and effort to present an offer in person? Of course it does. Does it give your buyers the strongest possible representation of their offer? You be the judge.
Below is the outline that we use to walk a Seller through an offer. We give a blank copy to all the parities (Seller and Listing Broker) and write in the details as we articulate the offer. That way we are sure to cover all the important points of the contract and not just focus on price.
Try it for yourself. It works!
Purchase Offer Summary
Mr. & Mrs. Smith
123 Jones St Anytown, USA 98111