This One’s for Buyers
So I have something to say to Buyers out there…..it’s rough, isn’t it?! This market (in DFW) isn’t fun for buyers because there’s not much to look at and what there is to look at is owned by that “other” group – those darned Sellers! If it weren’t for THEM, Buyers could actually buy a home! Oh wait, but it’s the Sellers that have what Buyers want…that makes things difficult. 🙂
The bottom line is, can’t we all just get along?? The Us versus Them mentality between Buyers and Sellers makes things adversarial, and it doesn’t have to be that way. Sellers want to sell, and Buyers want to buy, and the idea is to make that work. And in order to make that work, there are things that Buyers can do to make a good first impression on Sellers – this is especially important in multiple offer situations!
Let’s first talk about an offer on a home where there are not multiple offers AND the house is listed for a reasonable market value price. Should a buyer put in an offer that is less than list price? Yes, by all means do – BUT, don’t make a bad first impression by making a really low first offer, thinking that the Seller will counter. Often, Sellers don’t counter low offers, in spite of real estate professionals like me telling them they should always counter. Do you know why? Because it’s like someone just told them their baby is ugly! They see it from the emotional standpoint that the home that they’ve made for themselves and their family for the last 5, 10, 15 years isn’t valued by the Buyer, that they’ve essentially spent 5 to 15 years carrying a baby and it came out really ugly – they have a very emotional response. If Buyers want a house, the last thing they should do is low-ball! Submitting a fair offer starts the process off right from the beginning, and makes it a little less rough for both Buyers and Sellers.
Now, how does a Buyer make their offer stand out among multiple offers? There are several ways, but what might be most surprising is that it’s really not always about money – gasp! As I’ve said, this process is emotional. So, my advice in multiple offers is – find a way to appeal to the Sellers’ emotions. Buyers should have their real estate professional find out what the Sellers’ story is, ask them to communicate with the other agent to find out if there’s anything the Sellers really want and see if there’s a way to give it to them. For example, if it’s April and school’s over in June, the Sellers might really be worried about keeping the kids in school until the end of the year – so a Buyer offering them a free leaseback might be worth more than a Buyer offering $1,000 over list price.
I know it’s rough out there for Buyers! But by making a good first impression in these ways, in both one-offer or multiple-offer situations, Buyers can find a great home – it is possible, even in this crazy market! Want to know more? I’m here for you by e-mail, text, or the old-fashioned way by phone!