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How to Beat the Competition When Inventory is Low

Posted by Murray Brown Group on July 7, 2016
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In most areas of the country the number of homes that are available for sale is much less than the amount of buyers that are actively in search of their next home.

With home prices on the rise and credit access not always so easy, there are still steps you can take to beat the competition when inventory levels are low. Here is a list created by Lisa Ford, Secretary of the Orlando Regional Realtor Association on what you can do to stand out.

Initial Preparation

  • Prepare your finances. Tighten up your credit and put money aside for the down payment and closing costs.
  • Get pre-qualified from a reputable mortgage agent.
  • Identify your “must have” list in your home.
  • Be prepared to make your offer quickly and move fast. In a seller’s market there is less time available to be taken.
  • Work with a professional Realtor to help you locate a home and negotiate a deal.
  • Don’t wait to view properties until weekend open houses. View homes as soon as they become available on the market.

The Offer Process

  • You may not have the luxury of negotiating a lot on the asking price so be sure to make your best offer up front.
  • Create a clean offer to purchase with a quick closing and the least amount of possible contingencies.
  • Agree to pay seller’s closing costs as this puts more money in the seller’s pocket without offering too much where it could jeopardize the appraisal.
  • Pay with cash if possible. If you cannot, then try to increase the amount of your down payment as this will help with financing making for a more solid deal.
  • Always be accessible for your Realtor during the negotiation process. If there are questions, be prepared to answer them as soon as possible.

Stand Out From the Rest

  • Enhance the letter that you will submit with your offer that can appeal to the emotions of the seller. Including photos of family or pets along with articulating why the home is a perfect fit for you can be helpful in standing out.
  • Add other incentives that may not be directly related to the home. Offerings such as airline tickets or the like can help your offer.

Ultimately, the better you are prepared to act fast, the better your chances are for attaining your dream home.

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