Published
June 17, 2024
There isn't a more competitive Real Estate market than the one we are experiencing today. People are selling their homes within days, or sometimes hours from when the property even hits the market. Buyers can feel rushed and frustrated getting caught up in the competition of offers coming from other Buyers. It is heartbreaking to fall in love with a home to realize that your offer was not accepted. When this happens over and over again, as a Buyer, it can seem like they will never be successful in their home purchase. There are valid reasons for this, and understanding those reasons can help a Buyer become more successful!
Why it's Frustrating for Buyers in This Market:
High Demand and Low Inventory: There are simply more Buyers than houses. This is called a Seller’s market. You have buyers fighting over properties. You have a situation where several Buyers are making offers on the same property. They’re paying the list price, sometimes over the list price, and even then, sometimes getting outbid. The more Buyers in the market actually lower your chances of getting a house.
Escalating Prices: There are so many Buyers in the market today chasing after the limited homes available, creating the bidding wars we are seeing. Properties are getting multiple offers well above the asking price making it more challenging for Buyers to compete without pushing past their budget.
Fast-Moving Listings: Homes are selling faster than ever before – sometimes within hours of going on the market. Buyers can’t wait around on the sidelines deliberating or rounding up finances to meet an ask price because, by the time they have those things in place, the property might already be gone.
Strict Seller Preferences: Due to the stiff competition Buyers are forced to accept aggressive terms beyond the sales price, such as an early closing date, few or no contingencies, and so on. A Buyer unable or unwilling to comply with these preferences stands little chance of becoming the winning Buyer.
Emotional Rollercoaster: Looking for a home today is tough: emotional, stressful and all-or-nothing. Finding the home, moving swiftly alongside other eager buyers, can quickly turn into the disappointment of a rejected offer. A cycle of rejections can feel draining and discouraging.
Why Buyers Are Not Getting Offers Accepted
Inadequate Preparation: Probably the most crucial reason, many homebuyers do not prepare themselves sufficiently in advance to enter the market. Arriving unprepared means, for example, that you do not have pre-approval for a mortgage, which makes your offer less competitive to the seller. A better example is not being properly coached or advised on the market conditions, which puts a Buyer behind the eightball.
Non-Competitive Offers: In this Market, not putting together the best offer and package will almost certainly not help you get an offer accepted. Today, in some cases, offering less than the asking price isn't enough. Buyers need to present offers that stand out both in price and terms.
Poor Timing: Tardiness in submitting offers can mean missing out on purchasing the property to Buyers who are quicker and more prepared to write an offer. Time is of the essence when writing offers in this market.
Lack of Market Insight: Understanding the local market dynamics is key. Buyers who are unfamiliar with recent sale details, comparative pricing analysis, and knowing the local neighborhood particulars could put the Buyer at a huge disadvantage. If your representative is not sharing this information, it could be the reason why you didn't have a good chance of getting accepted.
Inexperienced Representation: This is probably the most important tip, look to your agent. The importance of working with a skilled real estate professional cannot be overlooked. An experienced agent knows how to craft compelling offers and negotiate effectively on your behalf.
Why Who You Work With Matters So Much
Expert Guidance: It takes an expert to navigate the finer points of a real estate market that is competitive. At The Markanian Group, we have over 20 years of combined experience, giving us deep insights into market trends and effective strategies. Our results speak for themselves.
Personalized Attention: Our clients are our top priority. Our personal approach means you get a service suited to your individual needs and situation. Ultimately leading to strategists created to help you succeed on your homeownership journey.
Strong Negotiation Skills: Our team negotiates winning offers regularly by approaching them effectively – making your offer both competitive and attractive to the Seller. We know how to craft your offer with the right combination of price and terms to get the other party to say yes AND put you in a comfortable position. We never want a Buyer to feel like they are being pushed past their comfort zone in this tough market.
Quick and Efficient: We understand the market urgency required. We react quickly to your demands because we know you cannot afford to lose opportunities. Our team is always ready to act swiftly on your behalf, ensuring you don’t miss out on opportunities
Comprehensive Market Analysis: We offer in-depth market analysis to guide you in choosing wisely. Our goal is to provide you with all the necessary information for you to make an informed decision. This includes assessing current value, recent home sales in the area, and future market trends.
Proven Track Record: Our results prove it. In the past year, we helped more than 30 families achieve homeownership, with more than $80,000 in transaction credits for our clients. Real estate wealth is being created.
Our Approach: Proven Strategies for Success
By choosing The Markanian Group to represent you in one of the biggest purchases of your life, you are selecting more than an agent, you are selecting a team committed to your success.
Extensive Market knowledge: Going deep into the market means we have years of experience and intel on movements and trends. We provide you all the insights, and intel to help you make the best decision on your home purchasing journey.
Personalized Service: We understand each buyer has individual needs. We design strategies to fit your particular needs to ensure that you receive the individual service you deserve. This not only gives each buyer the best chance of getting their offer accepted, it keeps the individual needs at the forefront.
Efficient Use of Resources: In order to be efficient, we do not overwhelm you with a flood of calls and emails once you’ve chosen us. We handle documents efficiently and will let you know when they arrive and schedule a time for us to review them together. We’ll do our best to help you avoid any delays, and ensure there are no penalties incurred.
Communication: We keep you informed throughout the process, and are always just a phone call away to answer your questions. We know how stressful it can be to go through this process, especially for your first time. It's our goal to make sure you feel secure, informed and confident throughout the entire process.
Negotiation Skills: Negotiation skills are our specialty. Our team is expert at making your offer compelling to a seller. We know how to tailor an offer that stands out from others without compromising your comfort in the transaction. Throughout each negotiation phase we ensure to create a win- win scenario for success, while keeping the Buyers interest and needs at the forefront.
Tips to Get Ahead
In general, being able to negotiate in this competitive market comes down to more than just luck.
Know Your Budget: First, get your financial picture clear. Work with a reputable lender and get pre-approved for a mortgage, not only so you know how much house you can afford, but also so you can show Sellers you're serious, ready, willing, and able.
Quick Response Times: In a fast paced market, timing is everything. When you find your next dream home, be sure that you’re ready to make an offer on the spot. The Markanian Group, we’ll always be ready to act fast.
Flexible Terms: In certain instances, flexibility makes you as a Buyer Stronger – perhaps you agree to the Seller’s preferred closing date, or you might be open to accepting the property as-is rather than requesting concessions.
Competitive Price: It’s one thing to stay within your budget but quite another to offer the right price, which gets the attention of sellers while avoiding buying something that you can’t afford. We do the math for you, figuring out the price range you are comfortable with.
Why Choose Us?
- Helped more than 30 families this past year: My buyer-agents and I have helped more than 30 families in the past year to purchase the home of their dreams.
- $80,000 in transaction credits secured: We’re experts in bargaining, ensuring the best price and lowest costs for you.
- Proven track record for building wealth in Real Estate: We don’t just help you buy a home; we help you build wealth through smart Real Estate investments. Our strategies are designed to create long-term value and security.
Ready to Make Your Dream Home a Reality?
The journey to your dream home begins with a single step. Contact us today and let’s get started! Fill out the form below, and one of our dedicated experts will reach out to you shortly to discuss your needs and how we can help you achieve your goals.
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