You’ve found your dream home, so you’ll make an acceptable offer and live happily ever after… unless another buyer beats you to the punch!
In a competitive marketplace, this can not only happen, but can potentially have a far greater impact than any negotiating gambit the seller would hurl your way.
More buyers erroneously fear the seller more than they do other competing buyers!
That’s why it’s important to make sure your offer strategy includes a strong stance against other potential buyers and their offers.
There are several factors that make buyer competition a threat in today’s real estate market.
It’s a sellers’ market
First, in a competitive market with relatively few quality properties available, “Dream home” category houses will become hot properties — often as soon as the “For Sale” sign is planted in the yard.
The “Turnkey” Premium
Most buyers want to purchase a home that requires very little fix-up. They comment, “I want to bring in my toothbrush and immediately set up housekeeping.” And to obtain these turnkey benefits, buyers are willing to pay a premium. That can translate into not only a full-price offer, but also one that exceeds the seller’s listed price.
Timing is everything
In an active market, timing is everything. In the good old days, you might have the luxury of viewing a home several times — even dragging your relatives to see it… before you actually made an offer.
“He/she who hesitates is lost” aptly explains buyers who dally to make a buying decision today.
And don’t forget that being pre-approved for a loan has leveled the playing field for a majority of buyers. If they’re all equally qualified financially, the best offer (as interpreted by the seller) gets the property.
So what can you do to arm yourself to the teeth to counteract other buyers?
1. Get Pre-Approval
First, make sure you are financially pre-approved by a lender for the loan you’ll need and be prepared to document this fact to a seller if requested.
2. Be Honest
Be honest with the seller about your interest in purchasing the property.
This doesn’t necessarily mean that you won’t negotiate a fair purchase; but it also doesn’t mean that you’ll act nonchalant and non-committal either.
Sellers often choose one buyer’s offer over another based on the level of personal interest… Everyone wants to sell to someone nice.
3. Communicate
Lastly, make sure you fully communicate the desired outcome to the real estate consultant you’re working with.
The consultant will then evaluate the best tack to take in terms of price, purchase terms and negotiating tactics to help you realize that goal.
The next time you’re inclined to wonder what evil trick the seller might be up to, better look behind you first… to see if other buyers are trying to pull the rug out from under your dream home!
Summary: Beating the Competition
- ✅ Don’t Hesitate: Quality homes sell immediately.
- ✅ Get Pre-Approved: Prove you can close the deal.
- ✅ Show Interest: Sellers prefer committed, nice buyers.
- ✅ Strategize: Let your consultant know exactly what you want.
In a hot market, your biggest threat isn’t the seller – it’s the other buyers who want the same home you do.
Want early access to serious buyers?
If you’re going to be moving in the next six months, what you might not realize is that there are a significant number of buyers searching for homes like yours.
In fact, for every buyer actively viewing homes right now, there are 5-10 more about to begin their search, or eagerly waiting for the perfect property to come up.
If you’re interested in getting a head start on finding a buyer for your home, leave us some details below… We’ll see if we can find a match!
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We can prepare a detailed Pin-Point Price Analysis for you that shows the most current market activity in your area for homes like yours, and we can recommend an optimal marketing price range that will give you the best odds of selling quickly – and for top dollar!