Every Friday we give fast answers to quick questions about home selling, buying, anything about real estate!
Today’s Question: What are sellers looking for in the offers they receive this spring?
What are sellers looking for in this competitive spring market we’re entering into?
1. Committed Buyer
This spring, sellers are looking for a committed buyer. Hopefully, you’ve been on the market, you’ve experienced a few homes, and now you’re ready to fight and win this property. How do you do that? Make sure that you’re putting enough money down to buying the deal. For one, that shows the seller that you’re serious and you’re not going to walk away from this deal, because that’s the at-risk money- Make sure that that’s significant. In our area, it’s typically 5% at that point. If you can’t do that, put down as much as you plan on putting down as your total deposit.
2. Solid Deal
It has to be a solid deal, and this typically means financing, that we have a solid, financially viable buyer at the table. Your financing should be from a local or relatively well-known entity in our area that us real estate professionals have used before, so that we can say “Hey, this is going to be a great lending experience. They’ve been well vetted-out and the lender has looked at them thoroughly.” You don’t want to use just any unknown Internet bank, or you got a pre-qualification where no one has ever called or looked at you in detail, you don’t want to do that.
3. Smooth Transaction
It needs to be a smooth transaction. This is a stressful time for everybody- the sellers want to make sure that your team is professional, that they are full-time and fiduciary, not discount or part-time. They want to be working in a one-on-one relationship with your buyer agent, they want to know that the attorney they’re working with is a real estate attorney. And again, they’ll want to know that the bank is a well-known, well vetted-out professional entity in our area.
4. Price & Terms
Naturally, price and terms are going to be important. Don’t come in under asking price or too far away from market value. Sometimes, even over market value is going to be what it takes to get the deal done. Also, make sure that the terms make sense time-wise, such as when the closings are going to take place, and things like that.
We hope that helps! If we can help with more details or help you get your offer accepted this competitive spring market, call us at 978-494-0346!
Got a quick Real Estate question? Send it to us today!
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