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Buying in a Seller's Paradise

by Team Bowers 01/26/2020

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Photo by Mohamed Hassan via Pixabay

It's easy to believe you don't have much leverage if you're getting ready to buy in a seller's market. Unfortunately, that sense of frustration can result in desperation, which can ultimately lead to overpaying on a home. Before you accept your fate, consider how you may have more power than you think. 

Start Strong

Being an early bird in a seller's market is a must, and this is especially true if you run up against a unique situation. For example, let's say a homeowner gets a particularly lucrative job offer. The only catch is that they need to move overseas in just a few weeks. In this case, a seller is going to be motivated by more than just the best offer. They want to see a buyer who can be flexible with their move-in date. If you can speed up the process, you can get the leverage in a seller's market. 

Prove Your Reliability

The seller will always look for someone with extremely reliable funding sources because no one wants to deal with the hassle of a lender pulling out at the last minute. When you're negotiating, it doesn't hurt to point out that you're a sure bet in more ways than one. This can encourage a seller to accept less than what they would have received if they'd accepted an offer from someone with a weaker financial history. 

Anticipate the Worst

While you do have some degree of control here, you should also be ready for equally prepared competition. Study the terms of the seller to ensure that your offer is made on time and your conditions are stated upfront. Make sure all your supplemental paperwork is airtight and ready to be processed. You can also consider limiting the number of contingencies you have. In a buyer's market, you can ask for the seller to update the plumbing or dismantle the shed. But in a seller's market, you might want to hold back some of your requests. 

Watch Your Back

Buyers may need to be more accommodating to sellers if they want to secure a home in a certain neighborhood, but there needs to be boundaries on bending too far backward. There are still money pits out there, even in prime seller's markets. Unsafe structures, dangerous grounds, and changing zoning laws can all be overlooked by an eager buyer in the heat of the moment. That's why it's so important to strike the right balance. 

When it comes to negotiating in any market, a real estate agent is usually the best place to start to hone in on the right tactics. They make it easier to spot the properties and sellers who deserve the effort. 

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Team Bowers

1. Bowers Realty has the largest selection of “Hot Properties”.
Most buyers prefer to look at “Hot Properties” instead of” leftovers. “That’s why buyers want to have early access to new listings (“Hot Properties”) within a few hours (or minutes) after they “hit” the market. Since one out of every ten new listings in the Detroit Metro Area is a Bowers Realty listing, buyers with a Bowers Realty agent have first choice at selecting from the largest selection of “Hot Properties” available in the Detroit Metro Area.

 

2. Bowers Realty offers you a more experienced team.
For something as important and as complicated as purchasing a home, most buyers desire a company with an experienced team of Realtors to assist them. Bowers Realty has over 40 years in the real estate business.

 

3. Bowers Realty puts its customers first. YOU get first choice.
Bowers Realty’s policy requires all of its listings be offered to its customers FIRST? Bowers Realty agents are not allowed to purchase their listings for investment purposes until those li stings have been offered to our customers for at least three days. You’ve heard that complaint, “Well, all the hot properties are snapped up by the real estate people.” At Bowers Realty, YOU get the first choice.

  

4. Bowers Realty increases your odds of closing on time.
You have found your dream home, negotiated the contract, and are making plans to move. You have scheduled the movers, time off from work, family and friends to help you move, day ca re for the kids, and all the details. Now, after all your hard work, what are the odds of your contract closing on time? In the Detroit Metro Area market. your odds are less than 50/50 that your contract will close on time. If you are working with a Bowers Realty agent, your odds increase over 90%. Last year Bowers Realty closed 90% of 300 contracts ON TIME!

  

5. Bowers Realty depends on YOU, “The Satisfied Customer”.
Bowers Realty is owned and managed by Darralyn C. Bowers. Mrs. Bowers has made a substantial investment in Bowers Realty and our community. She makes sure her staff is well trained. She impresses on all her Realtors that their future success is dependent upon YOU, “The Satisfied Customer.”