Last Monday, we listed a home in Afton Village. It was last Friday’s Peep of the Week. This weekend we received two offers on it.
Last Tuesday, we listed a Heights bungalow. This weekend we received six offers on it.
We placed an offer on a newly listed home in Wilchester for one of our clients. Our offer was one of four offers and was not accepted.
The Houston housing market is seriously crazy right now. Interests rates are so low and thankfully the Houston economy has remained relatively strong. This is a sellers paradise but can be quite frustrating as a buyer. Here are a few tips for both buyers and sellers when you are dealing with a multiple offer situation.
1. Don’t be discouraged if a buyer doesn’t want to participate in a multiple offer situation.
2. Don’t just look at the offer price. Take into consideration the entire offer…option period, financing addendum, seller concessions, etc.
3. Google the buyer’s names. It’s fun to play detective and often times you get a sense for where they are coming from if you can learn a little about them.
1. Try to avoid a biding war. Another house will come along, I promise.
2. Try to keep your emotions in check. It is not worth overpaying for a home.
3. Write a letter to your potential sellers explaining who you are and why you love their home so much. Have your agent present it with the offer. People love to hear warm fuzzies about their home.
4. Increase and decrease the little things. Increasing your option fee and/or lowering your option period might be very attractive to the seller. Talk to your lender and figure out the minimum amount of time it will take to lock in your financing. Sometimes the little things add up to a stronger offer than just the dollar amount.
Leave it to twelve offers to suck your weekend dry! It is an exciting (and stressful) time to be a buyer or seller. I hope you all have a great week!