What's a Buyer To Do?

February 6, 2013
With the very low inventory of properties available for purchase, many buyers are finding themselves at a loss as to how to become a successful purchaser. I would like to say that I am about to give them the secret password, but I can not. The best advice is to know what your top qualifying purchase price is and make any offer the very best that you can. Hoping for a counter offer from a seller who receives multiple offers seems to have become a losing strategy. Being the first offer in has also not guaranteed that a buyer will be successful. Sellers seem to have decided that they will not accept offers until the property has been exposed to the market for several days, if not for at least a week. Even full price offers are not necessarily accepted. (Sellers may owe a commission to the agent, but they do not have to sell to any buyers until they have entered into a contractual relationship with the buyer.)
Buyers and their agents are now including pictures of themselves and letters as to how much they love the property in the hope that the seller will choose their offer.
Preparation and persistence are the best strategies. Being prepared to bid more than the listing price and keeping yourself knowledgeable about your local real estate market is the key.