Hello there. Thank you for watching my Video. This is Jack Ma with Jack Ma Real Estate Group here at Century 21 Masters in Walnut
I want to start by sharing a 1 magic ratio. The ratio is 2.38 to 1.
So What is that? That is the ratio between sellers and buyers on the market in July. For every buyer on the market looking to purchase, there are only 2.38 homes for them to choose from. Not a lot right and that is why we have been seeing multiple offers, rising home prices and a lot of frustrated buyers who cannot get their offers accepted.
So if you are a buyer in today’s market, what can you do to increase the chance of your offer being accepted?
Here are 4 thoughts on how to get your offers accepted.
Prepare a personal Letter – While in most cases, price is the ultimately the deciding factors for sellers. About 25% of the sellers do care about having a buyer that really loves their home and will take care of their home if everything else is equal. Having an introductory letter will allow the sellers to understand you a little bit better – as a human being instead of numbers and words on a contract. Tell the seller who you are, what you love about their home, and what will you do to the home that they invested so much sweat equity in.
Consider a bigger deposit – Often time we will see deposit being no more than 3% of the purchase price. Consider giving the seller the illusion that you are really serious about the house and confident that you can get the house closed by increasing your deposit. Worry about your deposit? If the contract is filled out correctly, the seller cannot take more than 3% of the deposit. You really are not taking on additional risks.
Shorten the contingency period – The contingency period is the period where the buyer can back out on the purchase without having to forfeit their deposit. The shorter contingency period means less time wasted for the seller should the buyer decided that they are not able to complete the purchase.
Go with your highest and best offer – In a time where multiple offers are abundant. If your offer is not the top few offers the sellers received, you may not even get a counter offer. Imagine if you received 20 offers like one of my seller, would you really go through and counter ALL 20 of them? Probably not. Go with your highest and best. If you still get a counter, at lease you are still in the game and you don’t necessarily have to go up higher.
Alright, hope these tips will help you with your home search. If you are in the market to buy a house, our team would love to have the opportunity to work with you. We work with a lot of off-market properties as well as finding sellers that want to sell. These will also be a chance for you to beat out or avoid competition and multiple offers.
Call me for any questions at (909)610-5188. If you know anyone that is frustrated with not being able to find a home, please share this video with them!
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I will see you soon!
If you have any questions regarding real estate, kindly call at 909-529-1989
