It’s a jungle out there for anyone trying to purchase a Plainfield area home this Spring. I imagine that it’s like that in a lot of places across the country right now. A low inventory of homes listed for sale is making it difficult for some buyers to break into the Plainfield real estate market, as well as a lot of other local areas throughout the Chicago suburbs such as Naperville, Oswego, Wheaton and Bolingbrook.
The cute homes go fast, the homes priced right go even faster… and the homes that are both cute AND priced right are priced right are the ones that have sold before they go to live on the MLS.
When the Internet first changed the concept of how real estate was done in the past, many in the industry feared the worst, and wondered if role of Realtors would be diminished by the fast paced changes in technology. Syndication of listing information gave buyers and sellers much of the information they needed to know about a home online, which is great because we now work with buyer and sellers are more informed about the market, but it has not eliminated the need to work with a real estate professional and in many ways increased the need for it.
The low inventory of homes has created an extremely strong sellers market which has been leaving many buyers frustrated. Buyers are finding out quickly that the alert on their mobile app notifying them about a new listing, is followed almost as quickly by another, notifying them that the home is already under contract. The other frustration plaguing buyers right now is the disappointment of losing out in a multiple offer situation… multiple times.
Buying a home can be super stressful as it is, without the added urgency to lick the doorknob of every home that makes the short list, but there are things that can put you at a higher advantage, as well as a few that can ruin your chances. If you are missing out on more than 2-3 multiple offer situations, there is a good indication that your offers have had a disastrous common denominator that is not compatible with this market.
Let’s highlight a few of of the competitive edges that can help you and your Plainfield Realtor win the bid:
1. Agent to agent transactions from the same brokerage are increasing. Working with Plainfield Realtor from a brokerage like john greene Realtor, gives buyers a competitive edge. An excellent internal network is important for hearing about “coming soon” listings before they are advertised on the actual MLS. jgR is extremely proud of the broker to broker transactions among agents in our own office. On an annual basis 10% of our closed homes sales have been with john greene Realtor agents on both sides of the transaction. That number has been even higher in the last 2-3 months as the benefit of inside information and pre-marketing strategies among agents at the office have become more important. A brokerage with a great communication system among agents is vital in relaying and conveying information about new and upcoming listings.
2. That brings me to my next point; when it comes to winning the bid, relationships are incredibly important. Who your Plainfield Realtor knows, and has done business with, can influence an opportunity in a multiple offer situation. It can a number of impressions to a list agent when helping a client consider an offer. As a listing agent, I always want to know that I will be negotiating with a competent agent who is counseling their clients appropriately and communicating thoroughly. I always make sure their buyer is working with a reputable lender when I represent a seller. On the flip-side, I fully understand that the sellers agent wants to know who they are dealing with too. Writing a complete contract that doesn’t have any missing or incorrect information is the best indication of the kind of agent you are doing business with.
3. Minimizing contingencies; The fewer hurdles to overcome, the more attractive an offer becomes. Mortgage contingencies are hard to avoid unless you are paying with cash, but when factors such as “home to sell” or “home to close contingencies” come into play, sellers are more fearful of how many domino’s can fall which would delay or prevent a successful real estate closing. After the housing market crisis that started in 2007 there weren’t a lot of “home to sell” contingencies. Many homeowners weren’t able to sell their homes over the last few yeas due to the drop of home prices leveraged against high mortgage balances from the peak of the market. The bulk of real estate transactions up until recently have been with buyers who had nothing to sell, or didn’t need to in order to obtain a mortgage. This is the one area that is what it is. You can only control what you have control of, and if you need to sell in order to purchase, that’s just the way it has to go. It’s also something a Naperville or Plainfield Realtor will have to get more used to in this market.
4. Include a personal letter to the sellers. Tell them what you love about their home. Appeal to the possible desire to hand the keys to someone who will love it as much as they did. In a buyers market, it’s never wise to tip your hand about how much you love a sellers home because it always leads to the seller seeing dollar signs… but in a sellers market, sometimes it helps tip the scale in your favor. With multiple similar competing offers, it when you offer to buy their home it sometimes helps to sell your story. Who are you? Why do you love their home? Why is it important that they pick your offer and what would it mean to you? Ask your Plainfield Realtor to include a brief bio about they conduct
I hope these tips help make it easier to get your offer to the top of the pile in a multiple offer situation. Good luck!