How buyers can avoid market competition and win their dream homes.
In order to be number one, strive to be number two. When buying a home, you usually try to put in the most competitive offer you can. However, this isn’t the only strategy that can work. Today I’ll explain how backup offers could be the secret to securing a fantastic deal in this market.
You probably know that the market is slowing, but we aren’t heading for a crash. Many properties are still receiving multiple offers if they’re priced well. You could try to compete with all the other buyers out there, but you’ll have to give up a lot to stay in the game.
This is where backup offers come in. When you make a backup offer, it will be the first thing sellers look at if their initial deal doesn’t go through. In this shifting market, a lot of buyers are backing out of contracts due to rising interest rates. When this happens, you can swoop in and get a more favorable price.
Listing agents don’t want to put their properties back on the open market after a deal falls through. If you put in a backup offer, you can be the easy option that slides into place at the right moment. The truth is that our market is still strong. Competing to be No. 1 will be difficult and expensive. By using a backup offer, you can secure the home of your dreams without the crazy bidding wars.
If you have questions about today’s topic or anything else, please call or email me. I am always willing to help!