​Tips To Stand Out In A Competitive Housing Market For Buyers​​

By: | 04/28/2013 08:20 AM ET

Tips To Stand Out In A Competitive Housing Market - The housing market appears to be bouncing back and we have a few tips on how to make your property stand out the most. While it’s not the boom we saw about seven years ago, there is a lot of excitement.

Tips To Stand Out In A Competitive Housing Market

Coming in with the highest price is ideal, obviously, so it’s important that you and your agent go over the comparable sales prices, and follow the bidding process on similar sold properties to see which offers are successful. Often, prevailing offers are all cash or are non-contingent on financing and appraisal, plus they often have very short inspection contingencies. Sellers prefer cash offers because they take the risk out of the home not appraising or the loan falling through.

If you are a buyer with standard financing, before presenting your offer, contact a local mortgage broker, ideally one who has worked with your agent before, and get pre-approved for the loan you are seeking. The larger the down payment, the stronger the offer. Most listing agents have a complete disclosure package with inspection reports and seller disclosures, which they make available to buyers before considering offers. Sellers expect buyers to make their offers “as is” with respect to the property’s current condition, so be sure to review the package thoroughly and sign a receipt for the documents.

Your agent, if possible, should present your offer in person to the seller and the listing agent. Your agent can inquire beforehand if the seller has any particular desires (e.g. a rent-back agreement), so you can structure your offer to meet their needs.

Buyer “love letters” are a great way to make your offer stand out from the rest. Explain what attracts you to the home and what you would most enjoy about living there. It’s especially powerful if you can find something in common with the seller.