If you are a buyer in today’s market, you’re familiar with being outbid. The telltale signs that you are not getting a “yes” include multiple offers, the whispers of cash, appraisals waived, and when your offer is about to expire…it’s a little too quiet. You ask yourself, where is all this cash coming from? What is happening with the market? How is this ever going to happen? What else can I possibly do? While we don’t have all the answers, we have some tips to share to help you hit the reset button on your search until you can finally hear those elusive words, “your offer is accepted!”
Hitting reset is difficult, and it gets harder the longer you search. It’s exhausting to keep hitting a wall, but you need to consider changing it up as a buyer today. As Albert Einstein said, “Insanity is doing the same thing over and over and expecting different results.” So why not change? Change your offer strategy, modify your search, and potentially change the outcome.
To modify your search, go back to the drawing board, evaluate your price point, the type of home you are looking for, even the location. Try to focus on changing your search parameters so that your 3% down payment can become a 5% down payment- make your offer more attractive by making the numbers work for you. Look outside your desired area; remember, this is likely not the last home you will own, and the next one can be in the dream location. Revising your search is truly resetting your expectations.
Offer strategy is so important. Revisit How to Compete with cash for the “Buyers 101” of offers. Next, speak with your agent about appraisal waivers, shortfall guarantees, and paying for a rush appraisal if needed. It would help if you also considered taking a property in as-is condition, meaning you still inspect the house but don’t ask for any corrections or credits once complete. Last, make your earnest non-refundable, potentially partially non-refundable right away- if you’re confident that nothing will stand in your way, why not put your money where your mouth is? There are many ways to be bold and stand out from the crowd; discuss all the details with your trusted Realtor.
Above all else, don’t give up! Buyer fatigue is real. You would be surprised that every once in a while, an agent receives a few offers when they were expecting 15! Buyers get discouraged when there is a lot of activity, so look at the crowds positively and get your offer submitted. You have gotten so far, and a “yes” is in your future. Don’t get discouraged. Get back out there. Your house is waiting for you.