People move to Sioux Falls, South Dakota, for many reasons. Some like the dry climate and stark beauty of the desert; others are lured by the booming economy or vibrant art scene. If you’re moving to Sioux Falls in the near future or are a resident looking to upscale, what can you expect from the Sioux Falls housing market?
Once you’ve settled on a property you love, how do you approach the sale in a buyer’s market? What if, after you’ve put in your bid, you learn that there are multiple offers on the table? Here are some tips that can give you that needed edge in a buyer’s market.
Speed is of the essence in the housing market, especially a hot market like Sioux Falls, which is one of Livability’s Best Places to Live. You’ll probably only have a few days to get your ducks in a row after you’ve found the house you love. Check with the selling agent to see if they plan on presenting any offers; that way you can make sure to get your offer in on time.
Have proof ready
Say there are three different offers on the table, but only one of them includes a pre-approval of a mortgage and a proof of funds for the down payment. Which one would you choose if you were the owner? The one with the proof, of course. Make sure to bring the necessary paperwork so that you’ll stand out from the crowd.
Simpler is better
A lot of offers include contingencies, which are things like home inspections. Sometime sellers can see these contingencies as an opportunity for the deal to stall or even fall apart. When your competing with other buyers in a hot market, determine what you could let go of (considering that if you waive your inspections, you’re buying the house as-is). Then strip your offer down to the barest form. This may appeal to potential buyers as it comes with the least amount of risk.
Cash is king
As with most things in life, money talks. If you are looking to get a step ahead of other buyers, consider offering the strongest sale price you can, in cash if possible. Look at the asking price, and then the amount listed on your pre-approval. Somewhere in there is a magic number that, if you can muster the money, might bag you your dream house.
Write it down
On the surface, all offers look a lot alike. Sometimes the way to differentiate your offer from the others is a personal touch, like an offer letter. Consider including a personal note to the owner, explaining why you’re the best fit for the property. Even if you don’t make the sale, you certainly will be memorable.
Sioux Falls is growing into an exciting city with great livability. When you’re looking for your perfect home, consider the professionals with the Amy Stockberger Team. They are proud of finding positive outcomes for all of their clients.
3 thoughts on “How to compete with multiple offers when buying a Sioux Falls home”
Thanks for sharing this amazing post.
One of my friends shared with me a plan of purchasing a home in Sioux Falls and since it’s a highly competitive market and I thought os researching about the same first. That is how I came across this information and I am definitely sharing these great tips with my friend. Thanks for sharing this amazing resource.
With lots of options available and steep competition available in the market, it is sometimes very hard to make a decision. Thus these tips will definitely come handy. Thanks for sharing this post