The Wenatchee real estate market is red hot so far this year. If you're considering a purchase, here are some tips to ensure your success. Newly listed homes that are priced to sell often generate multiple offers in a seller's market. If you really want a home and you know that you’ll be competing against other buyers, here's how to improve your chances of winning:
- First of all, find a good, experienced Real Estate Broker to represent you. Expert advice is priceless in this kind of a market.
- Use comparable sales data to predetermine the upper limit of what you'll pay. Set limits on the amount that you'll bid. By the way, I can prepare a free market analysis on any home in our market. I can get this to you quickly, often within a few hours.
- Put yourself in the sellers' shoes. If several offers come in, sellers select the offer that gives them the best combination of price, terms, and contingencies of sale. Find out what the sellers' needs are before making your offer. Their self-interest will always determine which offer they’ll accept.
- A high purchase price isn't the only way to sweeten a deal. If you have the money, make an extra-large down payment so the sellers know that your loan is certain to be approved. At a minimum, provide the seller with a letter of pre-qualification or pre-approval.
- Do the sellers need time to find a replacement home? Offer to let the sellers rent back their house for a month or two after the closing or give the sellers an extra-long closing so they have plenty of time to find another home.
- You could also offer to buy the home "as is" so the sellers won't have to pay for any corrective work. If you do this, however, make your offer contingent upon your approval of inspection reports so you can back out if the house needs too much work.
- Make your best offer initially. You may never get a second chance to make your best offer.
- Consider using an escalation clause. It will allow you to compete against unknown offers from other buyers.
- Get pre-approved for a loan. All other things being equal, if you're pre-approved for a loan, you should prevail over buyers whose financial status is not yet determined.
- Use a trusted, local Wenatchee lender. Since we live in a small town, this is very important in order to win the trust of the listing Broker and the seller.
- Don't make your offer subject to the sale of another house (contingent offer).
- If you must sell first in order to buy, put your existing house on the market before seriously looking for a new home. Ideally, you'll have an accepted offer on your existing house before making an offer to buy a new home.
If you follow these guidelines, your chances of success will definitely improve! Please contact me for help with your specific case. If you're currently searching for a home, don't miss out on new listings. Register for an account on my website and put HouseTrack to work for you. It'll save your searches and send you new listings automatically.
All the best,