Tuesday, January 8, 2013 / by Martin Millner
Have you heard news of the real estate market in Bucks County changing to a “seller’s market”? You may notice home prices are rising again, and competition for homes has increased as well. Competing with another buyer can happen frequently, and sellers have an advantage when this happens.
When the real estate market transitions from a buyer’s to a seller’s market, it’s important to do everything you can as a buyer to improve your chances of having a seller accept your offer. Here are a few offer-writing tips to help solidify a contract on your new home in Yardley, Newtown or anywhere in Bucks County:
* Don’t waste time – When you find the home you want, submit an offer as quickly as possible. Don’t assume that no one else is considering your dream home as well.
* Realistic offer – this market may not be the proper one in which to make “lowball” offers. Be reasonable and submit comparable sales that justify your offer.
* Pre-approval letter – alleviate the seller's biggest concern that an unqualified buyer will unnecessarily take their home off the market and the seller will miss other opportunities.
* More earnest money – money up front will show that you're serious, and makes the seller feel more confident that the contract will actually close.
* Minimize contingencies – don’t give the seller too many reasons to think the sale won’t go through. Multiple contingencies lessens the seller’s willingness, because they feel the home is "off the market" with less certainty of closing.
* Shorten inspection period - your agent can help you set a reasonable date, but it helps if you let the seller know you're willing to close prior to that if possible.
* Write a personal letter to the seller telling them why you want their home – this emotional connection to the seller can make the difference in you getting the home.
A confident seller is one who will be more likely to accept your offer. Following these tips can positively affect negotiations and help you present an offer that is most likely to be accepted. I am happy to assist you with the details of purchasing Bucks County real estate.