The Boston area real estate market is experiencing historically low inventory levels. Most towns in the Greater Boston area have been in a “Seller’s” market for upwards of ten years now; meaning, the level of demand from buyers drastically outweighs the amount of inventory being brought into the marketplace. Depleted inventory coupled with record low interest rates (more buying power) has caused an unimaginable amount of competition between buyers. I am sure 9 out of 10 active buyers have been involved in a “bidding war” before. This causes a tremendous amount of Buyer Fatigue. Many buyers often wonder, how on earth am I ever going to find a place to live in a market like this?
My biggest piece of advice is to humanize the offer as much as possible. Of course, over-asking offers, large down payments, waiving inspections and quick closings are extremely attractive to Sellers. But what if that still isn’t working? What can you do? Should you give up?
ABSOLUTELY NOT
No matter what price point you are at, town you’re breaking into or amount of experience you have in the Buying process, make sure you and your agent (hopefully me) are thinking about the following things. Sellers and Sellers’ agents know it is a competitive market, there are going to be multiple offers and there will be many moving parts to the transaction.
Make yourself known. After viewing the property, pick up the phone and introduce yourself to the listing broker. Flatter them, thank the agent for bringing on such a nice home to the marketplace, compliment the Seller’s home and most importantly find out what the Sellers are looking for in an offer! What is important to them? What is an ideal closing date for them? Would adding anything specific to the offer make it more attractive?
Be memorable. If time is for some reason on your side and you have the ability to do a pre-inspection and you know this is YOUR HOME, go beyond the phone call, email or text introduction… drop off a note and bottle of wine to the Sellers. This will for sure get them to recognize your name and stay top-of-mind.
Be thoughtful. If it is a tight deadline and there are no private showings, offer to bring the listing agent a coffee or tea. Open Houses can be a very long two or three hours in the hot sun or cold of winter. Be the one to brighten their day and offer to do something kind for them.
Stay organized. When it comes time to submit that Home Run offer make sure you listen to the other agent’s instructions and include everything that they will need. Try making a cover sheet that lays out the terms of the deal, important dates and all of the necessary contact information and MLS identifications (after all, your offer will be accepted).
Be aware. When offers are due it can be madness for a listing agent. Some homes in Massachusetts see over 30 offers at once. The Listing Broker might not confirm receipt of your offer right away, that is okay! Be patient and offer kind words of support. If they’re local to you maybe track them down and hand-deliver your offer (after following their directions) and bring them a care package of some kind. Be aware of their stress and try to support them. Making their life a little more enjoyable will surely make you and your clients more memorable when it comes time to review offers with the Seller.
You might not be able to do all of the above when buying your home or helping your clients find their next property. However, by being a good human and making an effort to connect with those on the other side of the transaction, will surely pay off in the end.