The Alexandria market is competitive as inventory is low and demand is high! So, what can you do as a buyer to win the listing? Here are our top 10 tips for what winning buyers do differently.
- They Get a Preapproval Letter BEFORE Shopping for a Home: Buyers can get a mortgage preapproval letter before they start looking for a home. You’ll need to get your W-2’s, bank statements, credit score, and official documentation together to share with your lender.
- They Do Their Homework: Do you want to live in the city? A neighborhood? Do you want a yard? 3 beds, 2 baths, and 3,000 SF? Buyers should know what they are looking for, but they should also understand that they will probably have to compromise somewhere. The four main factors a buyer should consider are: price, location, size, and condition.
- They Know Their Timeline: Buyers should have a good understanding of when they need to be out of their current living situation and when they’d like to be into their new home. An experienced agent can help you determine when to start looking based on your timeline.
- They Have an Experienced Agent: An experienced agent has lots of contacts in the field and can find off-market properties for you. They can help you set up an appropriate search, and can also help you determine which factors you may need to compromise on. An experienced Realtor may even find you a home you absolutely love but wouldn’t have originally considered based on your criteria because they know what you’re looking for better than you do!
- They are Available to Preview Homes: Buyers need to be able to move quickly when they find a property they love. The sooner you’re able to preview the home, the sooner you’re able to determine if you want to make an offer or not.
- They Act Fast: Once you find a place you love, don’t hesitate to make an offer or you may lose out.
- They Listen to What the Seller Wants: This often is the highest price, but the highest price doesn’t always win. An experienced Realtor can chat with the listing agent to get a feel for what the seller is really looking for.
- They Offer All-Cash: While not everyone can do this, an all-cash offer means a quick settlement for the seller (especially important if the home is vacant).
- They Remove Contingencies: In a competitive situation, buyers who remove contingencies are more attractive to sellers. This means the deal is a sure thing, or if anything goes awry the seller will receive the security deposit.
- They Write a Personal Letter: A personal letter might be a good idea depending on the situation. Talk to your experienced Realtor about if you should write a letter – sometimes this can also backfire!
There are many strategies for winning in a multiple offer situation. While the above are all great ways to win an offer, it is important to assess each offer situation to know when it makes sense to use any of these strategies. We would love to talk to you about how we can help you make a winning offer, without giving everything away! Reach out to us to start strategizing. We have been helping buyers in every type of market to realize their goals for over 30 years!