According to the Federal Housing Finance Agency, U.S. house prices increased from the second quarter of 2020 to the comparable quarter the year after by 17.4%.
Utah, meanwhile, achieved an annual appreciation of 28.3%. That was second only to Idaho, which had 37.1% appreciation.
While the fallout stemming from the COVID-19 pandemic may have spooked some homebuyers, multiple offer situations are still commonplace.
What are your options in 2022 when competing with other buyers to get the house you want? Are there ways to increase your odds of success?
Here are some tips and tricks to help you beat the competition and get the home you’ve always dreamed of buying.
Know Your Market
Spend some time researching the real estate market before you go house-hunting. First, you need to know what similar properties go for in Salt Lake City. This will help when it comes time to make a competitive offer for a home.
Work With the Seller
The seller is in the driver’s seat in the hot Salt Lake City real estate market. You’ll want to respect this fact so that negotiations lead to the desired results.
Two-way communication is essential. Respect deadlines, agree to favorable closing date to the seller and be cooperative rather than adversarial. You’ll want the process to be as smooth as possible.
Go Easy on the Contingencies
You can tip the odds in your favor by going easy on the contingencies. For instance, you can consider waiving a home inspection. Of course, the more contingencies you’re open to waiving or skipping, the more attractive your offer will be.
While going easy on the contingencies can help, you shouldn’t take on more risk than you can reasonably handle. For example, if you’ll be maxing out your financial resources to buy a home, you might not want to skip a home inspection.
The last thing you’ll want is to face significant expenses after buying a home.
Submit Your Highest and Best Offer
When it comes to the real estate market, your best bet is to table your best offer right off the bat. This is especially true if there are multiple offers on the table. A ridiculously low offer might turn off the seller altogether.
In addition to delivering the best offer, you can show proof of adequate financing to close the transaction and reduce the due diligence period. You’ll want to make the sort of offer that the seller can’t refuse.
Work With an Experienced Agent
Everything will be more accessible if you work with a reputable and experienced real estate agent. The realtor you work with should know the Salt Lake City real estate market inside and out and should be a shrewd negotiator.
Such a professional will explain the process, answer your questions, and give you advice that helps you make the right decisions.
The Right Realtor Will Help You Navigate Multiple Offer Situations
Do you need to find a realtor who can help you in multiple offer situations? For example, are you interested in buying or selling a home in Salt Lake City?
If you answered yes to any of these questions, you’ll want help from the number one Salt Lake City realtor. We help buyers find the perfect residences and help sellers get top dollar for their homes.
Get in touch today to find out how we can help you get the results you want.