How To Compete With Other Home Buyers and Win in the Bellevue-Seattle Area
The Bellevue-Seattle real estate market is hot for sellers right now. If you're a home seller, this is great news! You may get multiple offers and possibly over asking price! If you are a home buyer, well, this is a completely different story. There are not enough homes to go around to all of the buyers who are ready to buy, so that is why we are getting multiple offers --- a simple case of supply and demand.
Below are some tips to help you on how to compete with other home buyers and WIN in the Bellevue-Seattle area:
1. Get your finances in order. Find a great mortgage broker/lender to give you a pre approval letter or better yet, get underwritten for a loan prior to starting the home buyer process.
2. After you find out how much you can afford to buy, if you don't already have a great real estate broker to help you, choose one that you feel has great communication, knowledge of competing with multiple offers, and the skills and experience in the business representing home buyers. It may seem like you can do it alone.....but it's so much easier to work with someone who does it everyday for a career. A good broker can help you navigate through the process and help you compete with other home buyers and WIN! Your broker is instrumental in the HOME BUYING PROCESS.
3. Know where you want to live. This is a process that you need to go through if you already don't know where you really want to be. Hone in on a few cities to search in. Your real estate broker will help you learn what types of homes can be purchased in your price range.
4. Know your needs, desires, wants and deal breakers. If you NEED and WANT a two car garage, is it a deal breaker if it doesn't have one?
5. Your broker will show you the best homes on the market in your price range. When you find one, your broker will contact the listing agent to find out the scoop on the property. Your broker will try to uncover the seller's hot buttons and needs so you can write up an offer to appeal to the seller. In today's market, many sellers will be review "all offers on a specific day". This means, you need to strategize on price, terms, contingencies, etc. You will want to structure your offer so the seller is excited about it.
a. Price: You may need to come in over asking price
b. You may need to use an escalator clause
c. You may want to do a "pre-inspection"
d. You may need to close on a preferred day for the seller
e. You may want to put down a higher earnest money deposit.
These are the main things to consider.
How much does it cost to have your own broker representation?
NOTHING. The seller pays all commissions.
If you are in the market to buy a home, the key is preparation and having the right broker by your side.
Suzanne Martin, Managing Broker, has over 17 years of experience and would love to help you in your home buying needs. Get a Free consultation by calling 949-245-8134.
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