How To Stand Out in a Competitive Real Estate Market: Insider Tips

Everything you need to know to succeed as a buyer in today’s market.

During my conversation with the client yesterday, they raised some excellent questions, so I’m here to share the answers with everyone. If you’re considering buying a house in today’s market, how can you do it successfully? 

First, know that it’s a week-by-week strategy. You need to grasp the market dynamics and observe what’s happening. For example, some current houses are selling at the listed price within the first week, and sometimes even for 3% to 5% more. We’re not witnessing excessive bidding wars that drive prices out of control, but competitiveness is increasing. Instead of prices skyrocketing by 10% or 20%, contingencies are being waived. 

“In a competitive market, following the right strategies is necessary.”

This means buyers are confident about securing financing, so they are willing to forego that contingency. It does come with the risk of potentially losing the earnest money if the financing falls through, but they take that risk to demonstrate their seriousness, commitment, and financial strength.

Another emerging trend is for buyers to forego requesting repairs or improvements mentioned in the home inspection report. To compete effectively, buyers often need to accept the house as it is, whether that means paying more or less. Additionally, sellers are now setting offer review dates. This means that when a house is listed, buyers can submit an offer immediately and take it off the market if they are willing to pay the full price. However, sellers still have the right to review offers at any time. The goal is to convince the seller to choose you over other buyers.

In a competitive market, these strategies are necessary. Don’t hesitate to call or email me with any questions about buying in this market. I look forward to hearing from you!