Dallas Real Estate Market: Dream Home Wrangling
Find out what you can do to ensure that you win your dream home in the booming Dallas-Fort Worth real estate market. Learn tips and tactics to appeal to sellers and get an edge over fierce competition. Know how to sell yourself to sellers.
The robust Dallas real estate market continues to signal vigor well into 2016, as homes rapidly sell to ravenous buyers as soon as they’re placed on the market. With so many homes attracting serious interest, you may find yourself in hot competition with others who have also been charmed by your dream home. With the following tips, you’ll have the keys to your domestic future in the palm of your hands.
The lure of a quick payday can reel in even the most cautious of sellers. Provide a pre-approval letter from lenders to convince sellers that you should occupy the front of the line when battling a group of hungry buyers. Choose a well-known lender that can quickly close your deal. Increase your earnest money deposit — doing so can show sellers that you’re committed to buying and are willing to add a little more icing to the sale price cake.
Work Your Social Skills
Simply appealing to your sellers on a personal level can elevate your position as the perfect buyer in their minds. Talk to sellers about your history, connect with them over shared interests and vocalize plans for your future in the house. If you make it a point to humanize yourself, sellers will perceive you as an interesting acquaintance and the future caretaker of their past, rather than just a buyer attached to a selling price.
Homeowners generally welcome anything that can make the selling process easier. Tantalize them by removing contingencies that would otherwise put a wrench in the selling timeline. Offer to pay for a pre-inspection and purchase the house after it’s complete. If you trust your seller, consider foregoing other common contingencies, like those related to financing, that have reputations for eating up time and bogging down the buying process.
Gear Up for a Bidding War
Sometimes, your dream home pops up in the waking fantasies of others. In cases where interest exists from multiple buyers, prepare for a bidding war. Establish an escalation clause so that you can be ready to match and exceed any other bids. This can ensure that your new, increased offer will come on the heels of any other bid that threatens to win the home.
Respect Sellers’ Time
Remember that the booming Dallas real estate market waits for no one. Properties can be sold as soon as they hit local listings and for prices well above market value. Procrastination and stagnation can act as lethal elixirs to even the most generous of offers. Adopt and work within your sellers’ proposed timeline. Take a seller’s desire to set up specific days for accepting offers seriously. Make yourself accessible while fighting for your dream home, as this can underscore your burning desire to buy the house and provide you with the chance to tweak your offer as competing buyers come and go.