In this episode of “The Russell Realty Minute Podcast,” Evan Russell, owner of the Russell Realty Group, provides real estate advice on how to approach buying a house in today’s competitive market.
“The market is so aggressive and so competitive right now that if you’ve got more than one offer at least one of them is full price.” – Evan Russell [01:26]
What You Will Learn:
[00:19] How to move towards buying a house you are interested in
Visit our website: https://www.therussellteam.com/
Ep. 94: Bidding Tips: Part 1
Intro: Welcome to another episode of Russell Realty Minute with your host, Evan Russell, where Evan shares his real-world real estate experience with you. If you like what you hear, please be sure to give him a quick review right here in iTunes. Thank you for listening.
Out shopping for your new home, in today’s market, in today’s very competitive market, and you find the home that you’d like, which is probably the same home that several other people like, the good deals and the quote-unquote “good homes” or the popular homes or the cleaning homes that are well priced. Definitely, you’re having some competitions. They’re definitely becoming a bidding war. At least that’s what’s happening here in the greater Boston area.
So, a couple tips on once you find the home that you like, and you’re interested in making an offer, there’s a couple tips that I want to just throw out there. The first one is be ready to move quickly, right. Think about this, the person that saw the house yesterday, slept on it last night, and is ready to make an offer today. Versus you looking at the house today, you want to sleep on and you’re ready to make an offer tomorrow. Now, in some cases, all offers are due at a certain time, certain date, and that gives everybody kind of a fair advantage. But there’s not a whole lot of time to think about it. Because if you’ve seen it, somebody’s probably seen it before you and has already thought about it. So, that’s the first one is, be ready to move quickly when you find something that you like.
The second thing is let’s make a fair offer. Let’s make a reasonable offer. Let’s understand that there’s at least more than one offer. One of them is at full price, right? The market is so aggressive and so competitive right now that if you’ve got more than one offer, at least one of them is full price. So, it’s not the real estate agent or not, you know, somebody’s trying to get you to pay more. It just kind of makes logical sense, which leads me into my third point, which is listen to the agent.
You know, let us tell you, let us show you the comps. As an example, I was up in Derry, New Hampshire, which is about 30 miles, 40 miles north of Boston on the weekend. We went through the home at 10:15. There was a group in front of us, there was a group behind us. So, we were kind of sandwiched into our showings and I pulled the comps for my particular buyer. And every single house in Derry, New Hampshire in that particular price range went for over asking price. So, you have to listen to your agent and their guidance and you have to listen to the comps and the numbers.
And you have to be, my very last point is you have to be a fair negotiator. You have to understand what the seller is looking at. If the seller is looking at several offers, they’re going to take the one that makes the most sense for them. Not the one that makes the most sense for you. And we have to be a fair negotiator. We have to listen to the comps. We have to move quickly. We have to understand the process. The seller, bottom line, doesn’t typically care whether it’s cash or whether it’s financing. If it is financing, they care about money down, they care about money in escrow, they care about how much money you’re going to put down because that alleviates the appraisal issue should the home go way over asking price.
Outro: This has been another Russell Realty Minute brought to you by Evan Russell.