Whether you’re the buyer in a real estate deal, and your offer is on the table, or the seller and a bidding war has started, you want to be the one that wins out. Sellers need to put in the work and market the property to catch buyers’ interest and, once doing so, remain reasonable during negotiations.
Tensions can run high during fierce competition, so it’s helpful to have a guideline to keep your deal on track. Here’s what you need to know about buying and selling Long Island real estate in a competitive market.
When you’re buying Long Island real estate in a competitive market, a preapproval letter and a substantial down are both confidence builders in your offer.
Selling in a competitive market can be overwhelming, so it’s best to sort out the offers into two stacks. First, those with financing in place go in the keep pile; next, you’ll want to sort out those with the best debt-to-income ratios. Naturally, a cash buyer is preferred because your concerns about financing approval go out the window. A large down as proof of intention gets the offer a gold star.
Buying Long Island real estate in a competitive market When you place your bid, don’t play with numbers, bring your best offer from the start and skip the contingencies. Whatever you do, set an upper limit on your bid, and don’t let emotions gain the upper hand and find you’ve overpaid for the property in a bidding war; buyer’s remorse sets in quickly once the passion of the moment wanes. As a personal touch of appeal, submit a personal letter with your offer describing how you’d value their property and your appreciation.
Selling in a competitive market requires that you remain calm and carefully consider all of the factors that make an offer the best. In addition, you must know the property’s actual market value so that you have realistic expectations. Finally, avoid those offers loaded with contingencies. Remember, you’re locked in once you’ve accepted an offer, but you can still look at other offers; if the deal you have falls through, you’ll have a backup.
When you’re buying Long Island real estate in a competitive market, consider being extremely flexible with the closing timeline. Relieving the sellers’ stress of having to move twice because their new home won’t be ready in the typical 30-day range could go a long way to put your offer at the front of the line.
Selling in a competitive market may provide you the opportunity to negotiate a rent-back agreement with your buyer. This agreement will give you extra time to remain in the home after closing if the new home you’re building has setbacks in the finish date or another matter slowed the ability for you to move.
Buying? If you haven’t found your next investment property in Long Island, at Perfect Fit Homes, LLC, we have a steady inventory of the best investment properties available.
Selling? Perfect Fit Homes, LLC pays cash for your home as-is, with closing in a few days or whenever you’re ready. After detailing what you could sell for on the market vs. our offer, Perfect Fit Homes, LLC will make an offer you’ll agree is more than fair,
Perfect Fit Homes, LLC professionals make buying and selling Long Island real estate in a competitive market easy. Perfect Fit Homes, LLC understands what it takes to stay on top of the competition, with the experience to help you make the right move at the right time at a fast pace. We take the time to listen to your concerns and answer any of your questions here at Perfect Fit Homes, LLC, with no obligation. Contact Perfect Fit Homes, LLC at (516) 477-4818 today!