Get Your Offer Accepted in Shrewsbury's Hot Market
It is official: The Shrewsbury, MA, real estate market for 2017 has turned into a red hot real estate market, and it is in favor of the Sellers. Bidding wars are occuring every day.
Not surprisingly, either. In 2013, Money Magazine ranked Shrewsbury, MA, as #15 of 50 Best Places to Live. Since that time, this charming yet still affordable town has grown in popularity.
So, as a buyer who wants to own a home in Shrewsbury, what steps can you take to get your offer accepted when you are bidding against other buyers? Here are my top three tips for your success:
First off, hire a buyer's agent to represent you and help you formulate the strongest possible offer you can write. Your agent will provide you with insight as to a fair market value for the house you want and will also have information on market trends and strategies that can help you decide how to structure your winning offer. Trying to go it alone is likely to backfire, and working with the listing agent is less than desirable, as that agent represents the Seller.
Secondly, let go of any notions of hard negotiating with the Seller. Accept that the Seller has the upper hand and seek ways to win the house rather than winning the negotiating. Your major competition are the other Buyers, not the Seller, and you need to devise an offer that makes the Seller salivate and beats the other Buyers. If you intend to go toe-to-toe with the Seller in negotiating, you probably won't even get into the ring, let alone survive round one.
Finally, keep your offer terms simple - make it easy for the Seller to say Yes. What would a winning offer look like, then? Incorporate as many of these terms as possible:
- A pre-approval letter in hand, underlining your ability to obtain financing for the home. Best practice, obtain a pre-approval from a local lender.
- No request for closing cost credit from the Seller.
- A solid down payment, 10-20% if you can swing it.
- No home sale contingency. Sell your current home and live in temporary quarters if you must.
- No requests for items that aren't included in the listing sheet. Kitchen appliances are typically included; draperies, maybe; but that beautiful mirror in the foyer...no.
- Home inspection for information purposes only. If a major defect is found you can withdraw and have your deposit returned; otherwise, accept the home in its current condition without repair requests.
- If market values support it, offer your best and final price. This may be the list price, or even higher of the market supports it.
- Closing time frame of two months or less, if your lender is able to do this. If the Seller wants more time, then agree to that.
Follow these tactics, and you will have a high chance of winning the Shrewsbury home you want.
Need help navigating the Shrewsbury Real Estate Market? Feel free to contact me!
Kathryn Acciari, REALTOR(R)
(508) 982-0686 cell
Serving the towns and people of South-Central Massachusetts
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Text and photos copyright Kathryn J. Acciari unless otherwise noted.
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Kathryn Acciari, RSPS, SRS, RESE, CFA
Serving the Route 9/20 Corridors of Central Massachusetts
Sturbridge to Westborough
Cell: (508) 982-0686