Tips to Win A House with Multiple Offers | 3 Cs of Competitive Buying

The seller’s market rages on, so what can you as a homebuyer do to win in multiple-offer situations? The short answer is to call us right away so we can come up with a strategy that is right for you and your goals. Today, however, I’ll be diving a little deeper and reveal “the three Cs”. Things that all buyers should keep in mind when trying to compete when buying a home. The first ‘C’ stands for confidence; without it, you’ll be at a disadvantage from the start. To hear about the other two Cs, watch this short video.

When it comes to competing in our low-inventory market, there are three Cs to remember:

1. Confidence

Do not be intimidated by the fact that there are many showings and multiple offers. First of all, showings don’t equal offers, and offers don’t equal great offers. If you love the house, go for it. In one recent instance, our buyer submitted an offer that wasn’t really that much over asking price, but because we had a great relationship with the listing agent and the offer had a few key elements aside from price, it got accepted. Have fun with it and believe in your chances. It’s easy to feel overwhelmed but step away of that mindset, trust your agent and keep going!

2. Communication

That includes stellar communication between you and your agent. As professionals, we need to fully understand your needs, motivations, likes / dislikes and time frame. It also means great communication between the buyer’s agent and the listing agent. Of course, we don’t represent the seller, but it’s important that we talk with the listing agent to understand what the seller’s needs are so we can advise the buyer on how to craft an offer that will truly be appealing. For example, maybe the seller doesn’t know where they’ll be moving just yet and could use a little extra time in the house. In that case, including a discounted rent-back period in your offer could be game-changing.

3. Creativity

Some elements of an offer are self-explanatory: price, earnest money, down payment, closing date, etc. However, there is a fifth element that isn’t easily defined. A “miscellaneous bucket” from which we can draw. These are things like shortening inspection or appraisal contingencies, releasing earnest money or adding a more human touch to your offer. All of these things are variables that, depending on the situation, can be arranged in a way that spells out a victory for you as the buyer.

We can’t reveal every single trick to winning in a competitive market, but trust us when we say that there are plenty of creative ways to craft a compelling offer that will get you into the home you love.

So, if you’re a buyer who’s ready to hit the ground running and work with someone who has plenty of experience in seller’s markets, please give us a call or send an email. Our real estate agents would love to hear about your unique situation and get to work making your real estate dreams a reality.