There are many strategies you can use to increase your buyer's chances of getting their dream home when shopping for a home in a competitive housing market.
1️⃣ Encourage your buyer to be ready to make a decision. There's no time to "sleep on it". Another buyer looked at the same home yesterday, slept on it last night, and is ready to pull the trigger today. Your buyer needs to be quick and decisive.
2️⃣ Guide your buyer to offer competitively and aggressively. Sellers' markets are not the time to present lowball offers. Review the recent sales with your buyer and the currently available homes on the market and counsel them about making a competitive offer. Advise them to put their best offer on the table as their first offer.
3️⃣ Eliminate all contingencies unless absolutely necessary. If your buyer is financing, ensure there is a contingency for their final loan approval, but other than that, keep contingencies to a minimum.
4️⃣ Encourage your buyer to shorten the normal inspection time to a minimal number of days and have an inspector ready to look at the home in the first few days after contract acceptance.
5️⃣ Don't let your buyer get caught up in the frenzy. It's easy for buyers to compromise their wants and needs or bid higher than their desired budget in a low inventory environment. Help them understand that new properties come on the market every few days, and if they miss out on this one, there will be another home to look at soon.
Use these tips to guide your buyers toward a successful contract.