A seller's market is when more buyers are interested in purchasing a home than there are homes on the market. That means sellers can be more selective about who they sell their home to, which means you need to present the right offer to get the home you want.
Step #1: Don't Ask for Personal Property
Everything on a property is not for sale. Sometimes, specific items are listed as exclusions, which means that the seller specifically isn't selling those items. It takes effort to put for a seller to come up with exclusions, so asking for those exclusions in your offer can weaken your request when you already know the seller wants to keep those items.
In the same manner, asking for personal property that wasn't excluded could also weaken your offer. Don't assume that the seller will want to get rid of their personal property. Doing so can weaken your offer and the chance of getting the home.
Step #2: Write a Personal Letter
Second, it is essential when you know that multiple people may be putting in offers for a home to write a personal letter to the seller. Many sellers have an emotional attachment to their home, and writing a letter is a great way to appeal to the seller's emotional attachment to the home.
A personal letter should include information about yourself, what you like about the home, and why you want to live there. This personal appeal can make your offer stand out above the rest.
Step #3: Offer More Than the Asking Price
In a seller's market, it is generally not best to submit an offer that is less than the asking price. To make our offer stand out, you will want to offer the asking price for the home or a little above the asking price.
Just offering a little bit above the asking price, to the tune of one to three thousand dollars, is all that is needed to show how serious you are about buying the home. A few extra thousand dollars could still be aligned with the home's value and allow you to secure the house.
Step #4: Place a Large Earnest Money Deposit
Finally, you are going to want to place a large earnest money deposit on the home. Your earnest money deposit should be somewhere around one to three percent of the house's purchase price. Making your earnest money offer on the higher end is another way to show you are serious about purchasing the home.
If you want to get your offer accepted in a seller's market, don't ask the seller for additional personal property, offer a little more than the asking price, place a larger earnest money deposit, and add a personal letter to your offer. Reach out to a single-family homes real estate agent for more assistance.