How Buyers Can Best Position Themselves Amid Multiple Offers

With the number of multiple offers shrinking, now is a great time for buyers in our market. Here are some ways you can capitalize on this opportunity.

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A question on the minds of many buyers is, “Are multiple offers still coming in on homes?”

The answer is yes, but buyers should be encouraged by a recent development: Not too long ago, a home in our market collecting 20 offers or more was the norm, but now, the average seller is seeing fewer than five.

So while you might still encounter a multiple-offer situation on the home you’re interested in, you can give yourself an edge by proceeding in this way:

First, sell your existing home before jumping into the market. This way, you’re not competing against buyers who’ve already done so.

Second, give the seller an opportunity for concessions. Whether they would like a little extra time before moving out or request to keep a piece of furniture, be willing and open to allow for small concessions.

An experienced agent will have made their fair share of counteroffers on behalf of their clients and knows the tricks of the trade when it comes to making your offer stand out.

Third, ask the seller what’s important to them. You may not know that the extra time to stay in the home or a piece of furniture is important to the seller until you ask. Find out what they put a premium on before even making your offer.

Fourth, be prepared to receive a counteroffer. In today’s market, you’ll more than likely not get everything you ask for on the first try. Brace yourself for a potential (and probable) counteroffer so you won’t be surprised.

Last, but not least, be sure you use an experienced buyer’s agent. This type of agent will have made their fair share of counteroffers on behalf of their clients and knows the tricks of the trade when it comes to making your offer stand out.

If you’d like any information on how to be in the best possible position and with the right buyer’s agent, we’d be glad to share it with you. Please either send me an email at Charlotte@CharlotteMabryTeam.com or call us at 423-593-5588. We look forward to hearing from you! Go out and make it an awesome day!