4 Ways To Give Your Offer an Edge This Spring

Looking to buy a home this season? Here’s what you should know.

Buyers have more leverage today than they have had in years. There are more homes to choose from and, in many areas, sellers are more open to negotiation.

But that doesn’t mean competition is gone completely. These days, it varies a lot depending on where you are hoping to move.

If you’re buying in a popular neighborhood, or in a market where there aren’t many homes for sale, you may still find yourself competing with another buyer. And that’s especially true in the Spring. Here’s how to stay one step ahead of any competition this season.

Why Your Best Offer Still Matters This Spring

According to experts at Zillow and Realtor.com, Spring is one of the busiest times of year to buy a home.

That’s because many buyers want to move now so they can settle in before the next school year. And when more buyers enter the market, competition naturally picks up.

So, depending on where you are buying, you may still need to move quickly and make a strong offer, even though the market has moderated. And that’s especially true if you find a home you really love.

This is what you need to know to make your offer stand out.

1. Lead with a Strong, Realistic Offer: It’s tempting to start low and negotiate up. And in some markets, that strategy can work. But if a home is priced well and getting attention, lowballing could hurt your chances.
2. Have a Plan for Competing Offers: If you’ve fallen in love with a home, it’s important to have a plan in case there’s competition from another buyer. One strategy your agent may discuss with you is an escalation clause, which Ivestopedia explains like this: “An escalation clause is a way to automatically escalate your bid by a certain amount, up to a certain ceiling, to compete with other bids.” The key is knowing your budget and sticking to it. You don’t want to lose out over a small difference – and this can help prevent that. But you also don’t want to overpay. Keep in mind that if the appraisal comes in lower than your offer, you may have to make up the difference out of pocket.
3. Keep Your Offer Clean: Price matters. But sellers also look closely at your offer’s terms. In some cases, a simpler, cleaner offer can stand out – even if it’s not the highest. I can help you prioritize what matters most, so you are not giving up things you need, while still making your offer as appealing as possible.
4. Be Flexible Where You Can: Sometimes, what helps your offer the most is understanding what matters to the seller. NerdWallet explains: “As you prepare an offer, you tend to focus on what the seller has and what you want. But you will gain a competitive edge by viewing the transaction from the seller’s eyes. What does the seller want?”

Does the seller need extra time to move out? Or do they want to move as soon as possible? I can talk with the seller’s agent to find out what matters most. Flexibility here can make a big difference in how your offer is received.