Here are three things that are giving our buyers a competitive advantage.
Even though we’re in a strong seller’s market here in Palm Springs, there are still ways that you can win as a buyer. Buyers are having to compete for homes like never before these days, but here are three tips that we’re sharing with our clients to help them get their offers accepted over the others:
1. Move quickly. You should already have a process in place to evaluate homes before looking at them in person. First, determine your “must-haves” in a home. I suggest that buyers take a blank piece of paper, draw a line down the middle, and sort what they want into two columns: must have and nice to have. Identify your top three must-haves and agree on them.
Once you start looking at homes, you’ll be much quicker to evaluate them. We have our buyers rate each home they see on a scale from one to 10 as they consider the home’s price, condition, and location. In general, a home that scores a seven or above could be a good contender to consider purchasing.
“A pre-approval letter and proof-of-funds letter serve the same purpose.”
2. Demonstrate your ability to purchase to the seller. To show you have the desire and the ability to own a home, have a strong pre-approval letter from your lender. If you’re paying cash, a proof-of-funds letter serves the same purpose. These are items that we strongly encourage you to submit with your initial offer.
3. Come in strong with your offer. If you find a house that fits your needs and has your must-haves, we advise you to come in strong on price. You may not get a chance to increase your offer down the line, so you want to put your best foot forward from the beginning. If a home is priced well, you should expect to at least pay the asking price if you’re in a multiple-offer situation. Make your highest and best offer first because there is no guarantee you’ll get to make another one.
We’ve had a lot of success in securing properties for our buyers even in a competitive seller’s market. We’d love to help you as well.
If you have any questions about buying a home or anything else related to real estate, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.
