Are you concerned about interest rates rising? Do you think it will cause a contraction in the market? The rise in rates will likely have an impact, no question. But, as of last weekend, one of our Buyer clients was competing with 15 other Buyers. That’s right — 15! So, in spite of rising rates, there is at least one listing that generated 16 offers. I venture to guess that there are other properties listed for sale that are experiencing the same activity and demand.
The Winning Bid
I can’t share the details about the specific property, but guess what? Our Buyer client got the winning bid! Again, I can’t share too much as things are still fluid, plus we have a fiduciary obligation to the Buyer, but I can share that our agent who represented the Buyer did a stellar job! She employed some great strategies to come out the winner. You know who you are and here’s to a job well done.
How to Make Your Offer Standout
If you are in the market to buy, just know that it is still very competitive and Buyers are continuing to sharpen their pencils. Over asking bids, clean and simple contracts in favor of the Sellers, escalation clauses, reimbursement of fees, and even credits back to the Seller are just a few strategies agents may employ to help their clients succeed. If you are interested in knowing how to make your offer standout, please reach out to us as we’ve got some great strategies!
Effective communication is also key to winning the day and to a smooth and successful transaction. A Buyer’s agent who engages with the Seller’s agent, who asks the right questions, and who presents an “easy to work with” approach can make all the difference in your offer presentation and in your whole transaction. Be sure to work with an experienced agent and one who has an ethical reputation. I can’t tell you how many times knowing that an agent is good to work with has made a difference. Ultimately, a Seller chooses which offer they want to accept, and primarily, it boils down to price and terms. But, a good agent on the other side can definitely be a huge plus and factor in a successful outcome.
It’s hard to fathom 16 offers, but we’ve seen even more on some listings. It’s definitely frustrating for Buyers, and we’ve already seen some become disqualified because of the rise in rates. And, some just give up out of sheer frustration. It’s disheartening, to say the least. But, none of us have control over the market. It is what it is. The market just does its thing and it speaks to us. We just need to listen, prepare, and respond accordingly.