If you’re looking to buy a home or a condo in Seattle, you know that the housing market is tight.  With little inventory and high demand, homebuyers looking to purchase a home or property in the Seattle area are met with tough competition.  In this seller’s market where buying is incredibly competitive, it’s not uncommon to see 5-10 offers on every sale.  

Here are some tips to help you beat out the competition in a hot seller’s market.  

Be prepared

• Know what you’re looking for and research neighborhoods and schools ahead of time.  That way, when a highly desirable home hits the market, you’ll already have done your homework and you’ll be one step ahead of the game.  
• When the perfect house in the perfect neighborhood comes on the market, be prepared to move fast.  Having a Seattle realtor who has expertise in the market, who is ready to move quickly, can help you beat out the competition. 
• Have your finances in order.  Get pre-approved for a mortgage in advance and have your down payment money and closing cost funds set aside in addition your reserve fund.  Have your paperwork in order and be ready to show documentation of your finances to the seller.  

Do a home pre-inspection

On a home that you are serious about buying, in a tough seller’s market, doing a pre-inspection can help you rise above the competition.  A pre-inspection not only uncovers any potential repair needs or issues the house may have (highly recommended as this allows you to learn about repair needs prior to the sale), but it also gives you a competitive edge – you can make an offer on the house without an inspection contingency.  In a tight market where there are multiple bids on a home, sellers are more apt to consider offers that have waived the inspection contingency because they have already paid for and performed a pre-inspection.  

Take action

When you find the home of your dreams, act quickly.  Put an offer on the house immediately, show you’re motivated, and demonstrate you really want the home.  Your Seattle real estate agent can discuss negotiation strategy, but if there are multiple bids, you may want to consider including an “escalation clause” in the offer.  An “escalation clause” automatically tops other offers up to a cap - an amount determined by you. 

Other options

There are other ways you can sweeten your offer to the seller.  Be flexible - offer to rent back the house to the seller should they need more time before moving, or offer to pay the seller’s closing costs, or include a personal letter to the homeowner with your offer.  These are some ways to appeal to sellers in a tough market and can help you win when there’s a bidding war. 

These tips will help you stand out from other buyers in Seattle’s tough housing market.  I am happy to offer my services as an experienced and knowledgable realtor.  Contact me – and good luck!