Buyer in a Sellers’ Market: How to Stay Competitive

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It’s no secret that much of the country is currently a sellers’ market, but how can you help your buyers stay strong in this competitive landscape? REALTOR Magazine online recently shared five tips for doing so, all of which are easy for you and your clients to adopt if you haven’t already.

Two tips in particular stood out to us as key:

  • Identify home wants versus needs: Buyers likely will need to compromise on their wish lists when competition is tight. For example, buyers may have to compromise on amenities like stainless appliances or hardwood flooring, which can always be added later. ‘However, if a buyer wants to be in a specific school district or have a decent-sized backyard, those cannot be addressed later and must be taken into account during the house hunting process,’ according to NAR’s tip sheet for buyers.”
  • Make bids competitive: A low offer as a starting bid won’t likely work in a seller’s market. Buyers need to be ready to put forward their highest offer from the beginning or they may lose the home. In multiple bidding situations, the highest offer doesn’t always win either. But the bid with the fewest contingencies often becomes the most attractive to sellers. ‘Removing restrictions related to the sale of a current home and being flexible with things like the move-in date can make a bid stand out to a seller,’ NAR notes.”

Read about the other three tips here, and share any other wisdom that you’ve been imparting upon your clients below!

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Melissa feels at home writing – in her role as director of public relations and internal communications for ERA Real Estate and as co-editor of Owning the Fence. With more than 20 years of experience in corporate communications, she provides a new spin on a variety of topics. If she could live anywhere, she’d pack her bags for Southern Italy in a heartbeat.

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