It’s a multiple offer market right now with listing inventory levels at a low. So, how do you position yourself as a buyer when you know there’s other offers on the table or the home you want is likely to receive multiple offers? This is the question that we are getting a lot right now in this market!
Here are some tips from John and Judy about positioning yourself in a multiple offer scenario:
How high in price do I need to offer?
As realtors, we don’t know what other offers are on the table. So, in a multiple offers/low inventory/high demand market it can be advantageous to think about how high of an offer you’re comfortable with. John has been coaching buyers on making an offer by going as high as they are comfortable going.
I don’t want to pay too much.
This is a legitimate concern. Especially in today’s market. This is why we look at available home comparisons and provide you with all of the information you need to make an informed decision. But it’s also a crazy market where sometimes available comparisons aren’t high enough to win as an offer. This is why we have to go with our best gut guess sometimes.
On the other hand, this can also be a comforting feeling for buyers. If a home has multiple offers and our buyer wins, it can give the sense of comfort that if they sell in the future there will be buyers that are going to be interested in the home.
What if the home doesn’t appraise for what we offer?
We’ve run into this quite a bit recently where an offer is higher than what the home is appraising for and we’ve had to write in that the buyer will come up with the difference, up to a certain dollar amount.
It’s a crazy market and this is why working with an experienced agent or group, like The Craig Group, can give you an advantage right now. If you have additional questions or would like to talk to one of us about buying or selling, please contact us.