There are signs the hot seller’s market is starting to cool in some states. But here in Central Florida, many home buyers are still struggling to get into a new house.
Here are a few tips to increase your chances of landing the home of your dreams when the inventory is low and demand is high.
- Cash buyers are typically more attractive to sellers than those who plan to finance because of the ease of the transaction. However, non cash buyers should have AT LEAST 20% of the purchase price set aside for a downpayment. More is better.
- Waive the home inspection contingency. You can still inspect; you just lose your deposit if you cancel.
- Provide a large Earnest Money Deposit, or EMD. It’s a deposit made to a seller that represents a buyer’s good faith to buy a home.
- Make an offer within 24-72 hours of a property going on the market. That’s where a good agent is clutch. You have to be on the ball these days.
- Make sure the offer is presented professionally, fully executed and include proof of funds and pre-qualification letter.
- Be flexible on the closing date to meet the seller’s needs. Convenience is more important than money in some cases.
- Allow the seller to “lease back” the home if needed to accept your deal.
- Offer to pay the seller’s moving costs.
- Offer to pay the seller closing costs.
- And last but not least, write a letter or send a short video to the sellers about why they should choose you. Sometimes a personal touch can make all the difference.
If you’re looking to buy a home, call us. We represent both buyers and sellers. We’ll help you find what you’re looking for AND get your offer accepted.