Real Estate Market April 9, 2013

How to Stand Out in a Crowd

As multiple offers become the “norm” in today’s low inventory housing market, it’s more important than ever to be the “most attractive homebuyer,” as a recent article in Fox Business News explains. Plan ahead, do your homework, and know that cash is king. Putting 20 percent or more down will make a difference, especially if there are issues with the mortgage process or a lower-than-expected appraisal. If a buyer can contribute more cash to cover the difference between the appraisal and the offer price, he most likely will be the new homeowner.

Getting prequalified by your lender will also make you a more attractive homebuyer. With a preapproval letter in hand, you are in the same ballpark to compete with an all cash buyer. This market also favors buyers who come to the table with fewer contingencies. An offer contingent on selling your house will definitely make you a less appealing homebuyer, so let’s get your house sold first and then you’ll be ready to buy!

The critical lack of home inventory right now is making it a seller’s market. If you’ve been considering a move, now is a great time to do it. I’d be happy to provide you with information to help you benefit from our current situation, and stand out as the most attractive homebuyer.