So you’ve found your dream home, but you’re worried about competing with other buyers? You’re not alone!
In today’s market, knowing how to craft a strong offer can make all the difference between landing your perfect property and watching it slip away to someone else.
Start with a Strong Price
Let’s be real—price matters. But throwing the highest number at a seller isn’t always the winning strategy. Work with your local agent to understand comparable sales in the neighborhood. Look at what similar homes have sold for recently, not just what they were listed at.
A competitive offer typically comes in at or slightly above asking price in a hot market, but your agent can help you determine what makes sense for your budget and the specific situation.
Get Your Financing in Order
Nothing says “serious buyer” quite like having your financial ducks in a row. Getting pre-approved (not just pre-qualified) shows sellers you mean business. Even better? If you can provide proof of funds or a commitment letter from your lender, you’ll stand out from buyers who are still figuring out their financing.
Cash offers typically win out, but if that’s not an option, having rock-solid financing is the next best thing.
Be Flexible on Timing
Sometimes the perfect offer isn’t about money—it’s about convenience. Can you close quickly if the seller needs to move fast? Or are you willing to give them extra time if they need it? Maybe they want a rent-back agreement to stay in the home for a month after closing.
Being accommodating with your timeline can give you a serious edge over other buyers who are rigid with their dates.
Keep Contingencies Reasonable
Every contingency you include is another opportunity for the deal to fall through, and sellers know this. While you shouldn’t waive important protections like a home inspection, consider which contingencies are absolutely necessary.
In competitive situations, buyers sometimes waive minor contingencies or shorten contingency periods. Just make sure you’re comfortable with the risks before removing any protections.
Show You’re Serious with Your Earnest Money
A larger earnest money deposit signals to sellers that you’re committed to the deal. While typical deposits range from 1-3% of the purchase price, offering more can make your offer more attractive.
This money goes toward your down payment anyway, so if you have the funds available, it’s worth considering.
Work with a Local Expert
Here’s where local knowledge becomes invaluable. Every market has its quirks, and what works in Newburyport might not fly in a small New Hampshire town. An experienced local agent knows the sellers’ agents, understands neighborhood dynamics, and can provide insights you won’t find online.
We might know that a particular seller values a quick close over a higher price, or that including an escalation clause could secure the deal.
The team at Laffely Real Estate Associates knows the Massachusetts and New Hampshire markets inside and out. We’ll help you understand not just what makes an offer competitive, but what makes it right for your specific situation and goals.
Ready to make your move? Don’t navigate this competitive market alone. Call Laffely Real Estate Associates at (978) 255-4788 to discuss your home buying strategy and get the personalized, local expertise you need to craft a winning offer!
