Whether you’re ready to take your first step on the property ladder or it’s been a while since you’ve made your last move, you’ve probably landed on this article because you want to get ahead of the competition. The good news is, there are plenty of simple ways to make an attractive offer and secure your dream home.
Here are our top tips:
Get to know the local market
Doing your background work is a great way to get one step ahead of competition. The more you know about the market and your potential new home, the better prepared you are to decide your approach.
Your research should include:
Regular checks on the local market: how much similar properties are selling for nearby, and how quickly they are selling.
An exploration of your current home’s history: how long the house has been on the market and how much the value has increased since you bought it. An expert valuation can clarify these factors.
Asking sellers or agents why the house is for sale. Is the seller looking to move quickly? Are they caught in a chain? Are they relocating for work?
Are you aware of your budget? Find out how to plan your finances when moving home.
Leverage your advantages
One of the most powerful tools a buyer can utilise is knowing their advantages and how to leverage them.
For example, if you are a first-time buyer, you may be an attractive candidate for those wanting to move as soon as possible. This is because first-time buyers don’t have to wait until they’ve sold a home of their own before the transaction can be finalised. In the property market, this type of sale is called ‘chain free’ and is known for being an attractive option.
If you are attached to a chain, there are plenty other advantages you can leverage to increase your chances. Some of these include:
Build a relationship with your estate agent
By registering as a buyer with your local estate agent, you’ll be the first to know about any new or exclusive properties entering the market, putting you ahead of the competition
Be considerate of sellers’ schedules
Thinking like a seller will put you in good stead and avoid wasted time for both parties.
Many sellers operate on busy, stress-filled schedules and will appreciate your flexibility, so you should try and suggest a completion date that you know works for the seller.
Being flexible and accommodating will make you stand out as a buyer, as others may not be offering the same.
Make it clear that you have your finances in place
If you have a mortgage in principle or a large deposit to offer, you will be much more attractive to the seller than someone who may take a long time to finalise or may not be able to raise the funds.
Be proactive and show the seller that you are serious about buying
If you see a property that you love, don’t waste any time before putting your offer in. Being the first to secure a viewing bodes well for any buyer as it demonstrates keen interest.
Make an offer they can’t refuse
Some buyers might start with unreasonably low offers to unnerve sellers, but this approach can be offensive and off-putting to the seller. Instead, always start with an agreeable and realistic offer, even if it is slightly lower than what you are willing to pay.
To make a tempting offer, you should:
Be clear on the maximum amount you can offer beforehand, and don’t make any rash decisions based on emotion.
Utilise the relationship you have built with your estate agent as they may be able to let you know about any bids that trump yours, therefore giving you the chance to offer a second or third bid.
Ask your agent for an indication on what amount they think would be accepted on the property in question.
Seal the deal
If you’ve found a home you love and your offer has been accepted, there will be a couple of things to finalise before you can get settled in.
Once your offer has been accepted by the seller, the sale is not legally binding on either side. In fact, until the exchange of contracts takes place, either buyer or seller can pull out at any time in the process.
It is possible that the seller pulls out of the deal after accepting their offer because they have received a higher offer from elsewhere. This is known as ‘gazumping’. Because of this, it’s best to be proactive and ask for the property to be taken off the market as soon as your offer has been accepted. The seller can refuse this request, but if they accept this will minimise the chances of additional offers coming in after yours.
For more tips on how to make an offer, get in touch with your local Martin & Co agent today
