open house, sign, for sale

When you envision finding your dream home, a bidding war likely isn’t part of the picture. But that reality is all too common in today’s real market. Because so many people are looking to buy, your offer is likely to be one of several on any given property.

Think Fast!

Quality real estate goes fast, especially in areas with rapidly increasing popularity. Up-and-coming neighborhoods used to be a place to find amazing deals, and they still are.

Yet, there’s an added competitiveness among buyers that can make you wonder how you’ll ever manage to nab your ideal home. However, there’s no need to worry!

Although it can be stressful, you can play the game and come out on top. The team at Amy Stockberger Real Estate will show you how to win in a multiple offer scenario when buying a home in Sioux Falls, SD.

Get Pre-Approved Before Making a Bid

Pre-approval and pre-qualification are oftentimes confused, but they aren’t the same thing. Pre-qualification is definitely a good thing, but it doesn’t guarantee you’ll be able to get approved for the house you want. Knowing how much of a mortgage you can afford is a good place to start, the ASRE mortgage calculator can help.

The lender will request financial information such as pay stubs and bank statements, and pull your credit report.  Amy Stockberger Real Estate professionals can help you with checklists and other useful tools. After you pass the credit report and a lender verifies your employment, you’ll be given pre-approval status.

This can make you much more appealing as a buyer because being pre-approved increases the likelihood a sale will close fast. Remember, as eager as you are to buy, the seller is equally ready to seal the deal!

See the Property in Person, ASAP

A lot of Sioux Falls buyers become frustrated losing out on a home before they even get a chance to think it over. In some cases, it’s not uncommon for a house to receive multiple offers while people are actually touring it.

As a result, some buyers will begin making offers on properties as a way to “hold” them. This only complicates the process for everyone and it doesn’t guarantee you’ll get to an offer any faster.

Opportunity Knocks

The sooner you can see a home, the better. Take advantage of Open House events in and around Sioux Falls, or set up a showing after work or on a lunch break. These efforts can make the difference between making a winning offer and losing out to the competition.

Reach out to agents or sellers online, book appointments, and see the property firsthand—as soon as possible.

The Amy Stockberger Real Estate team can help you see several properties in Sioux Falls in a short period of time, on a lunch hour, in the evening, or weekends.

Try to Lead With Your Highest and Best Offer

Sellers may compare offers, but that doesn’t mean you should hold off submitting yours until there are multiple people vying for your desired Sioux Falls home.

Submitting your highest and best offer first will allow you to stand out right away.

You shouldn’t assume that you’ll get an opportunity to negotiate because it’s likely to be passed up in favor of someone else’s higher offer.

Sometimes you will get a counter offer. Sometimes the seller will simply say no.

Likewise, you should consider how much earnest money you’re willing to put forward. This can show that you are serious about making the purchase and willing to commit to the sale right away.

If You Like a House, Make an Offer

Don’t take days to deliberate on whether or not a house is “the one.” If you really like a home, it’s best to submit an offer right away. This gives you the greatest chance of closing.

Your goal is to engage the seller as soon as you can to avoid being outbid or overlooked among other potential homebuyers.

If you’re looking to act fast on a home, make your Realtor or real estate agent aware of your intentions. They can help you make your best offer and handle the presentation to make you look like the most appealing candidate.

Being Proactive Pays Off

Buying a home can be stressful, but the right Sioux Falls Realtor (like the professionals found at Amy Stockberger Real Estate) and the right game plan can make all the difference.

While you may face some challenges along the way, know that being proactive pays off in the end.

Preparation is key and knowing what you want before you start the homebuying process will allow you to act fast, in turn, giving you a huge advantage if you are competing against multiple offers.

Ready To Win? The Amy Stockberger Team can help you find your dream home. Fill out our contact form or call our office today!