Over the past year, the real estate market in Adelaide has been so hot that it is not surprising for a home to go off-market in days. When even properties that demand serious work are breaking price records, it is obvious to feel discouraged if you are trying to buy your first home right now.
Whether you want to be sure you are making the best impression as a possible buyer or dealing with competition from investors, here are a few things that will boost your chances of a successful offer.
1. Get In Early
Staying in touch with your agent pays off big. They will inform you as soon as the property enters the market, especially if they have a vast network. Regardless of how your real estate broker locates the home that fits your requirements, be the first to book a showing and quickly make an offer on the spot.
2. Offer Earnest Money
Earnest money is an alternate name for a deposit made to the seller and held in escrow. The standard amount is between 1 and 3 per cent of the purchase price and is due within few days of the seller accepting your price offer, so make sure this fund will be ready if you are offering it.
3. Be Flexible
If you are open to the seller selecting the closing date, you may get an edge over other offers, mainly if the property just went on the market.
4. Write A Letter To The Sellers
Enclosing a handwritten letter while making an offer is like building a connection. Thank them for their time in considering your bid, but don’t stop there. Elaborate on why you love the house and what caught your eye. A simple personalized offer can go a long way.
5. Consider An Escalation Clause
You may also include the escalation clause to get the seller’s attention, which means you will raise your offer to a specific price if another offer comes in. However, it might be a risky move – the seller may increase the asking price entirely or counteroffer your price maximum.
6. Be Organized & Ready
Ensuring that you have earnest money put away, paperwork sorted, your down payment is ready to go, and your real estate agent available to write an offer as soon as you locate ‘the one’ will make the entire first home buying process go as smoothly as possible.