In a housing market like Seattle where some homes get 20 offers, what should you do to get a house? First – don’t stress- not every house gets 20 offers and not every house gets multiple offers.
Before you go writing an offers, first you need a strategy. Decide if you wish to compete for a new listing or wait until the offer review date has come and gone.
To win a competitive bid on a new listing:
1. Write a clean offer: today in Seattle this means waiving contingencies
2. Analyze the neighborhood real estate trends from the last 30-60-90 days + insights on pending properties
3. Include a compelling escalation clause
4. Decide how bad you want it
“But Julie, I’m not willing to waive financing.”
“I don’t want to compete with other buyers.”
That’s cool. I get it. If this is you, then you need a different strategy: target homes that have passed their offer review date.
Homes past their offer review date:
1. Sellers are reviewing offers as they come
2. You can include contingencies like inspections and financing
3. There is more room for negotiation
There are pros and cons to both strategies, but knowing what you are (and are not) willing to do to get a home is key to winning a home.
But before you say, “I won’t pay more than asking” remember that the asking price is the seller’s anchor. Each price is a strategy and may not truly represent the home’s value. It may be higher or lower than the list price. The real market value is what someone is willing to pay.