Real Estate Matters
Members of the Silver City Regional Association of REALTORS-?, Inc. will write periodic columns under this heading to inform the public about real estate matters.
The opinions do not necessarily reflect the opinions of the Grant County Beat.
You've worked with a Realtor® to scour the listings, searched online, toured what feels like a million houses and finally found it: the house you want to call home. The next step is to make your purchase offer, and if you are like most people, the prospect can be quite intimidating. In a seller's market, there can be even more pressure on the buyer to submit an impressive bid. So how can you make sure that the offer you submit is the one that is accepted?
"In a seller's market, home prices are a bit higher and inventory is lower," said Kim Clark, Association Executive, Silver City Regional Association of Realtors®. "This means you are more likely competing with multiple bidders. In a competitive market like this, buyers need every advantage they can get, and working with a Realtor® to make the best purchase offer is a smart move." And, believe it or not, the bid with the highest price is not always the one that wins.
"Of course, sellers want to get the best price for their home, but that isn't always the deciding factor," said Robin Thomas, 2021 President of the Silver City Regional Association of Realtors. "Eliminating or reducing the number of contingencies with your bid, through things like pre-offer inspections, can also help make your offer stronger. The bid that causes the least amount of hassle for the seller is the one that will probably win."
"Virtual live showings became popular during the pandemic, especially for out-of-town buyers. However, with the change to a fast-moving market with limited inventory, buyers need to be prepared to make sight unseen offers in a rapid manner," said Thomas. "This is not the time to make a lowball offer. When you are going up against more than one potential buyer, it's the time to put your best foot forward." This might be your one chance to convince the owner to sell their home to you, so it's all the more important to submit your best possible purchase offer with few to no contingencies."