May 10, 2022

Tips For Getting Under Contract In A Low Inventory Market

We have come to except that with the current housing market having been so hot of late, elevated home prices and incredibly low inventory levels, especially in the King and Snohomish County areas getting into the home you want may be a challenge.

With escalation in offers over asking, contingency wavers and cash buyers the housing market can seem intimidating, and for some a little soul destroying when continually being beaten out on the homes you see as your next sanctuary.

The arrival of spring historically shows an increase in sellers’ activity and properties coming to market, and as a result may ease some of the pressure for those looking to purchase a new home.  However, and despite the recent hikes in interest rates, which are now climbing towards 6%, (the largest hike seen since 2000, a response to the pressure from rising inflation that is now at a 40 year high) demand for property could continue. So, how do you get the home of your dreams when so many are vying for the same property.

We at Tend Home Team look to use a set of strategies to get you under contract for the home you desire, so how do we help you win out?

Write Early Offers:  As soon as you have made the decision that the property is right for you and you see yourself living there and making it home; decide what your best and final offer would be and what you are willing to bring to the table, then have your agent submit the offer to the seller’s agent early, even if an offer review period has been set. why? well, this grabs the attention of the agent and subsequently the current homeowner, letting them know that you are serious and have a vested interest in securing that property for yourself.  This is a time to show your hand, your eagerness can show the owner that you value their home as much as they do, they may accept your early offer, and even if they don’t, they are aware of you before anyone else steps up to the table with offers.

Back Up Offers:  There are very few things in life that are guaranteed, and even if someone won out and had their offer excepted, there are always things that can change, and unforeseen circumstances arise. So, if you love the house, submit a backup offer stating that if the current offer falls away, and this can happen for several reasons from financing issues or appraisal finings, you could still be interested.  If this scenario comes to fruition, you could be the sellers first port of call rather than re-listing the home.

Off Market Opportunities: With a substantial database, we can reach out to a large section of homeowners and plant the seed that their home is desirable to others and that we have interested parties. Even if they had not considered selling, it could be the conversation that is a catalyst to get your ideal home listed and an opportunity for you to move forward with a home purchase.  If there is a specific neighborhood that is top of mind, chances are it’s in our database and if not, we have the dedication to knock on doors to try and get your what you need.

Connect with us today and let’s strategize your next move. 206 504 3660.