Buyers in today’s market need to be ready in advance if they want success in purchasing a home. Buyer’s agent Angie Bauman is here to discuss how they can do that.
Today, I’m joined by my good friend Angie Bauman, one of the top buyer’s agents and listing agents on our team. I wanted to talk to her about her experience on the buyer side of the business.
Angie, what do you see happening in the market as it relates to buyers?
Some of the buyers in the market today are up against a tough situation. There’s a high demand right now for people trying to get into a home, whether they’re first-time homebuyers or they’re upgrading to a forever home. There’s a lot of competition.
One of the biggest mistakes I see with buyers is that they’re just not prepared to take that next step in addition to finding them the perfect home. We want to make sure that, when we go in with our offer, its strong, and not just in price. There are other things that will help buyers win multiple offer situations, like financing, a pre-approval, and buyer letters, which help the seller make an emotional connection to the buyer who wrote it. After all that, they need to be ready to pull the trigger. Thankfully, in nine out of 10 cases, we do win those multiple offer situations.
So you’re saying that a lot of buyers are starting the browsing process when they suddenly find a home that they really like online, only to discover that they’re not ready yet—they don’t have a plan, a pre-qualification letter, and, in some cases, they don’t even have their home on the market yet.
Just last week, I had some clients that were looking to purchase a home. I had them in the office on Thursday and we looked at homes on Friday. They liked the first home they found, but there were already six offers on it at the time. It took getting it packaged and ready to go to really have them set up for success.
If you do have a house to sell, we’ve really got to get your home on the market, make it look like the coolest kid on the block, and structure your strategy to get you top dollar, in addition to finding you the right home as well. We take a very systematic approach where everything has to really work in conjunction with each other.
I do see buyers waiting to put their home on the market, but right now is a great time to list; we’re getting top dollar for our homes.
So what specifically do you do to help ensure that your buyers are in the best position to succeed?
1. Make sure that they’ve been pre-qualified or even gone as far as getting a pre-approval letter. On the seller’s side of things, they’re looking at those pre-approval letters to make a decision in a multiple buyer situation, so having a solid pre-approval letter helps.
2. Writing a personal letter to the seller, explaining who you are as a buyer and trying to make an emotional connection with the seller, has also been helpful.
3. If they have a home to sell, the buyer needs to make sure that it’s listed. If you make your offer subject to the sale of your current home, it puts you in a horrible negotiating position, especially if you don’t have any offers on it currently, or even have it on the market.
Some buyers are concerned about listing their home without first identifying a replacement home. If that’s the case, we can keep them in control of the situation by listing their home, and if an offer comes in, we can accept that offer subject to our client, the seller, finding a home to replace it. This is a better strategy because it puts you in a strong negotiating position; trying to make an offer in a multiple offer situation while still having a home that needs to sell is a recipe for disaster.
If you have any questions about buying or selling a home in today’s market, feel free to reach out to us. We have stellar agents waiting to help you succeed, no matter which side of the transaction you’re on.