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Why Isn’t Your Offer Getting Accepted?
Getting your offer accepted on a house in a hot market depends on acting quickly and pricing your offer aggressively. Want to sell your home? Get a FREE home value report Want to buy a home? Search all homes for sale If you’re a buyer who’s having trouble getting your offers accepted, there are a few things to keep in mind in order to remedy this. Sometimes when buyers are just entering the market, they’re not actually thinking about what’s happening in the market. Right now, we’re in a hot seller’s market. For example, inventory is down—there are currently just over 11,000 single-family homes available. This is a drop of 22% from last year. There aren’t as many sellers out there, but there are still a lot of buyers because interest rates are high. The average days on market is also down to 56 days—a 16% drop from last year. In some of the hotter areas in our market, like Valentine, the Waxhaw area, or anything closer to uptown, things are moving off the market fairly quickly. The average sales-to-list price ratio is at 96.6%. As a buyer, this means you need to think about how quickly you need to get to the property to take a look at it so that you can actually make an offer on it if it’s a good deal. You also need to be mindful of how quickly you need to write your offer once you’ve looked at the property. There will be other offers being made, so what does your number need to look like? The number and how quickly you can get there are the two most important points. Price your offer aggressively.Getting pre-approved for a loan is key, but you must also write an offer that makes sense to the seller. If you’re thinking of buying a house and it’s in a hot market, you can’t go in and offer 80% to 85% of the list price. You definitely have to be well over 90%. In some locations, such as Valentine, we’re seeing people offer over 100%. Trust your agent to direct and guide you on what’s happening in the specific area or neighborhood you’re interested in so that you can get your offer accepted. It’s no fun to look at houses and come away empty-handed. Remember—get there quickly, make a decision in a timely fashion, make sure you’re pre-approved, and price your offer aggressively. If you have any other questions, please don’t hesitate to give us a call or send us an email. We look forward to helping you in any way we can.
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By Tiffany JohannesGetting your offer accepted on a house in a hot market depends on acting quickly and pricing your offer aggressively. Want to sell your home? Get a FREE home value report Want to buy a home? Search all homes for sale If you’re a buyer who’s having trouble getting your offers accepted, there are a few things to keep in mind in order to remedy this. Sometimes when buyers are just entering the market, they’re not actually thinking about what’s happening in the market. Right now, we’re in a hot seller’s market. For example, inventory is down—there are currently just over 11,000 single-family homes available. This is a drop of 22% from last year. There aren’t as many sellers out there, but there are still a lot of buyers because interest rates are high. The average days on market is also down to 56 days—a 16% drop from last year. In some of the hotter areas in our market, like Valentine, the Waxhaw area, or anything closer to uptown, things are moving off the market fairly quickly. The average sales-to-list price ratio is at 96.6%. As a buyer, this means you need to think about how quickly you need to get to the property to take a look at it so that you can actually make an offer on it if it’s a good deal. You also need to be mindful of how quickly you need to write your offer once you’ve looked at the property. There will be other offers being made, so what does your number need to look like? The number and how quickly you can get there are the two most important points. Price your offer aggressively.Getting pre-approved for a loan is key, but you must also write an offer that makes sense to the seller. If you’re thinking of buying a house and it’s in a hot market, you can’t go in and offer 80% to 85% of the list price. You definitely have to be well over 90%. In some locations, such as Valentine, we’re seeing people offer over 100%. Trust your agent to direct and guide you on what’s happening in the specific area or neighborhood you’re interested in so that you can get your offer accepted. It’s no fun to look at houses and come away empty-handed. Remember—get there quickly, make a decision in a timely fashion, make sure you’re pre-approved, and price your offer aggressively. If you have any other questions, please don’t hesitate to give us a call or send us an email. We look forward to helping you in any way we can.