It’s getting old to even talk about how intense and nuts the Austin Real Estate market is right now, it seems like it’s been this way for a while. It’s exhausting, stressful and discouraging at times, and that’s talking about the Realtors! multiply that times 100 for the buyers and sellers, especially the buyers.
I thought I’d list a few essential tips that my help buyer’s get the house they want, in this competitive environment. Sometimes I think these ideas are so obvious till I realize I’m the one that does this over and over and my buyer is most likely doing this for the first time ever, at least in this environment.
- Expand your ideas, visions, criteria for your dream home. Throw the “Must have” lists out the window. With low inventory, lot’s of other buyers wanting the same home, and prices rising, it’s likely you may not get what you think you want. Get real, spend some time looking at what you can get for your price, check out new neighborhoods you hadn’t considered, research how to update some things or how much it costs to do the things you might want.
- Make sure your offer is top notch. This goes beyond offer price. Talk to your agent about amount of option fee, length of option period, earnest money, closing date. See if the sellers need a leaseback or if they need to get out as soon as possible.
- Don’t have any contingencies, and by this I mostly mean don’t have the purchase be contingent on selling your current home. If there are multiple offers, the offer that is contingent on another sale will not be in the running, no way no how. Check with your lender, you may be surprised that you may qualify without selling, then when you do sell you can put more down on the new house, or use it for the improvements you wanted all along. If that’s not possible, you may need to sell and then short term lease for a while so you are free and clear to make wonderful enticing offers
- Have a GREAT lender! Get a referral from your agent, your friends that just bought, do your research. A great lender will close on time, will communicate quickly and clearly, will go above and beyond the call of duty. If your lender has a great rep, it’s likely the listing agent knows this and will view your offer more favorably. Some super lenders will even call the listing agent during the multiple offer scenario to reassure and make the all important personal contact.
- A letter to the seller! Many agents think these are unnecessary, and of course if a seller has no emotional attachment to the home it won’t fly, but I’ve seen it work. I’ve had buyers win a competitive situation based on the letter, I’ve had sellers choose a buyer based on the letter. A truly heartfelt letter expressing why you fell in love with the house, what you envision life like there, how you adore the neighborhood, can very well touch those same emotions in a seller who wants to see their beloved house continue to be loved!
There you have it! of course there are many nuances and factors beyond these that could come into play so have a great reality checking convo with your agent and get YOUR house!!
I’ve started making youtube videos, at least I’m saying I’m starting so go check my YOUTUBE CHANNEL and see what I got going on there