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Its February 2024 and inventory levels across Sarasota county are rising. This shift might hint at the onset of a buyer’s market, but if a property is priced correctly, you’ll likely still face competition from other eager buyers for that dream home.
Adopting a seller-centric perspective could be your golden ticket to standing out from the crowd.
In this piece, I’ll unveil 10 creative strategies to differentiate your offer from the masses, significantly boosting your chances of acceptance.
- Utilize market data to your advantage:
Selling your family home is deeply personal. Often, a seller’s sentimental value doesn’t align with the market price. So If you’re considering an offer below the listing price, approach it with tact to avoid offense. Support your offer with recent comparable market data, presented professionally through your agent to avoid coming across as a lowballer.
2. Show flexibility:
Tailor your offer to meet any specific needs the seller might have, such as a longer or shorter closing periods depending on their next move or financial situation. This can build a positive rapport and make your offer stand out.
Showing flexibility on terms other than price to accommodate the seller’s needs can be just as valuable as a higher offer in some cases. This is why it is very important to have open communication via your agent to get to the real reasons for them selling.
3. Quick Closing:
If you can, offer a quick closing to appeal to sellers who are eager to move on. This can be particularly attractive if the seller has already purchased another home or is relocating and keen to minimize any holding costs. Its therefore very important to ensure you have all of your pre approvals in place early to make this a viable strategy.
4. Offer a Leaseback Option:
If the seller needs time to find a new home, offer a leaseback option where they can rent the property from you after closing for a set period. For example, they may need more time before closing to allow their kids to finish the school year or for construction of their new home to be finished. This gesture can provide them with the flexibility they need without the financial burden, making your offer stand out.
5. Offer to Pay for Specific Seller Costs:
Even in a buyer’s market, offering to cover certain costs for the seller, such as a home warranty, can tip the scales in your favor.
6. Offer more earnest money.
Earnest money is essentially a good faith deposit toward the purchase of a home. A typical earnest money deposit is 1% to 3% of the purchase price. In a hot market, you may choose to increase this to 5% or higher to stand out among the sea of buyers.
A seller may prefer a buyer that’s willing to offer several thousand dollars as a deposit in lieu of a buyer who’s only offering a few hundred dollars as it shows serious intent. However, make sure you understand when this deposit may or may not be refundable to you if you choose not to move ahead with the purchase.
7. Don’t ask for extras
Keep your offer straightforward and free of unnecessary requests. This approach signals to the seller that you’re a serious and uncomplicated buyer. For example, don’t ask for them to throw in furniture as part of the deal or nitpick over small repairs that you could handle yourself once you move in. Don’t be viewed as a problematic buyer!
8. Be agreeable to the seller’s needs.
Knowing a little about the seller and their reason for selling could help you structure your offer.. If you know, for example, that the seller won’t be able to move out for another three months, you could agree to set the closing date on a timeline that’s convenient for them. Or you may agree to speed up the closing if they need to move quickly.
Of course, before you agree to these types of things, be sure that it’s not going to create issues for you. If you’re still renting or trying to sell the home you’re currently living in, your timeline might not be flexible.
9. Include an escalation clause.
If you’re worried about being outbid on a home, including an escalation clause could help. This type of clause automatically increases your offer price, up to a maximum amount, if another buyer outbids you.
Again, it’s important to be clear on how high you’re willing to go. While an escalation clause could help persuade a seller to accept your offer, it could lock you into a pricier home.
Above all, be polite in your dealings with sellers (and make sure your agent is too!). If it is your dream home you’re looking at, don’t make unreasonable demands of the seller. This is true in any type of market but observing basic etiquette can go a long way when there are lots of other buyers vying for a seller’s attention, but by employing these 10 creative strategies, you’re not just making an offer; you’re presenting a compelling case for why you’re the right choice.
If you found this article helpful and are eager to learn more about navigating the Sarasota County real estate market, don’t hesitate! Contact me today to discover how we can turn your dream of homeownership into reality. Your perfect home is closer than you think.
