Searching for a new home can be a time-consuming and emotionally draining endeavor – especially in a seller’s market like ours. If you’ve repeatedly lost out on your offers to purchase homes, it might be time to reevaluate your approach.
Here are three key factors that could make all the difference.
1) Check Your Price Range. In a sellers’ market, you should ideally be shopping in a price range that is 7-10% below your desired price point. This will give you room to make offers above the asking price, and greatly increase your chances of getting accepted.
2) Stop Chasing New Listings. Instead of making an offer on the hottest new listing, try browsing homes that have been passed over by others. Houses that have been on the market for more than 21 days are no longer considered “new” but that doesn’t mean they aren’t great opportunities. You might find a hidden gem!
3) Reevaluate at Your “Wish List.” Some of the items on your wish list may be truly non-negotiable, but have you reexamined your must-haves recently? It’s possible that there may be certain criterion that are holding you back or severely limiting your options. Reflect on what you can let go of and see what that gets you.
Losing out on offers costs you money, because the successful bidder then creates a new, higher “comp” for the next listing. In this market, you have to play to win, or you’ll soon get priced out. Better to be smart and pay up now. If you don’t, you’ll end up paying even more in the long run! Reevaluating your approach and embracing a little flexibility could make all the difference.
About the Author
