Competing in a Multiple Offer Situation | Scott Johnson

Competing in a Multiple Offer Situation

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How to Win the House You Want—in Today’s Competitive Market

Right now, the housing marketing in Kansas City is very competitive.  What does that mean?  That means that there are lots of buyers—competing for fewer homes.

When this unique situation happens, the offer process speeds up, and it can be very easy to “lose” the opportunity to buy a home you love—if you’re not prepared.  To avoid missing out on the perfect home, try these steps:

1.  Decide on exactly what you want—ahead of time.

When the market is this aggressive, you’ll have less opportunity to casually “browse” a few homes, then make a decision.  Make a list of the 10-15 things you want in a home, and then share it with your realtor to help focus your search. 

Be sure to list:

  • Number of bedrooms/bathrooms
  • Type of garage (if any)
  • Floorplan
  • Neighborhood
  • Amenities (fireplace, finished basement, pool, etc.)
  • Price range
  • Non-negotiables (for example, no homes on a corner lot) 

2.  Get pre-approved for a loan.

A mortgage pre-approval shows home sellers you are a serious buyer. Having that pre-approval  means you’re ready to make an offer as soon as you find the home you love.  Let your realtor know upfront a comfortable price range and share your pre-approval letter. If you do not have a lender yet, your ReeceNichols realtor can connect you with a trusted partner.

3.  Get an experienced realtor before you start looking.

Establish a relationship with an experienced realtor now, before you start looking.  Give him or her your list of preferences.  They can let you know immediately when a home comes up for sale that meets your criteria—and that little bit of extra time is critical in an aggressive market.

4.  Check out new properties as soon as they come on the market.

Ask your realtor to notify you immediately of properties that meet your criteria.  Try to see them on the morning they appear on the market, if possible, so you can have time to think about the home—and make an offer later that day, if you really like it.  In an aggressive housing market, homes are often sold in the first few days they appear in the MLS system.

5.  Make an offer immediately on the home you love.

Don’t wait.  If you find a property that you love, and it meets the criteria on your list, ask your realtor to place an offer on it immediately—same day, if possible.

6.  Put your best offer on the table—first.

In an aggressive housing market, you’ll likely be bidding against other folks.  This is not the time to “lowball,” or try to get the best deal.  Put your best offer out first—and consider going over the asking price, if you really like the home.

AReeceNichols REALTOR can help you navigate a competitive housing market—and negotiate the challenging multiple-offer situation.  Let us help you search for your new home.