How to navigate a competitive market and make the winning offer on the Capricorn Coast.
Spring 2024 is shaping up to be an exciting yet competitive season for buyers on the beautiful Capricorn Coast. At @ Real Estate, we are witnessing increased buyer activity, with many properties receiving multiple offers shortly after hitting the market. As the local agents you can trust, our team—comprising a professional, and caring locals, has a deep understanding of the local market and is here to guide you through the process of securing your new home.
With competition heating up, it’s more important than ever to understand the process behind multiple offers and what you can do to make sure your offer stands out. Here’s everything you need to know to make a successful bid on your dream home.
The Multiple Offer Process: How It Works
In a competitive market, sellers often receive multiple offers on their property. To ensure a fair and transparent process, @ Real Estate follows the REIQ Best Practice Guidelines. These guidelines set the standard for ethical behaviour and ensure that all parties involved are treated with respect and professionalism. You can learn more about these guidelines at REIQ Best Practice Guidelines.
Additionally, we use the Realtair platform to manage the multiple-offer process efficiently. This digital platform allows for smooth communication between buyers, sellers, and agents, ensuring that every offer is presented in a timely manner and that the process is fair for all parties involved.
Here’s a step-by-step breakdown of what to expect when submitting an offer in a multiple-offer scenario:
- All Offers Are Submitted – Once a seller receives more than one offer, we notify all interested buyers of the situation and request that they submit their highest and best offers by a set deadline.
- Presentation of Offers – All offers are presented to the seller without revealing details about other offers to prospective buyers. This ensures fairness and prevents any “bidding wars” based on information from other buyers.
- Seller’s Decision – The seller reviews all offers and chooses the one that best suits their needs, which may not always be the highest price. Factors like settlement terms, deposit amounts, and conditions (such as finance or building and pest inspections) can also influence the seller’s decision.
- Successful Offer – Once the seller accepts an offer, all other buyers are notified of the outcome, and the successful buyer proceeds with the next steps toward finalizing the purchase.
Tips for Making a Winning Offer
In a competitive market, it’s essential to put your best foot forward to increase your chances of securing the property you want. Here are some tips to help you craft a strong offer that stands out:
1. Be Prepared and Act Quickly
In a fast-moving market, hesitation can cost you the property. Make sure you’ve done your research and are ready to act quickly. Have your finances pre-approved, so you can confidently submit your offer without delay.
2. Submit Your Best Offer First
In a multiple-offer situation, there is not be a second chance to negotiate. Submit your highest and best offer upfront. Remember that 84% of all contracts negotiated by @ Real Estate sales team, achieve full list price or more, and 35% of @ Real Estate buyers have made cash offers in the last 6 months. Consider offering above the asking price if you’re serious about securing the home, but be mindful of your budget and don’t overstretch your financial limits.
3. Offer a Larger Deposit
A larger deposit can demonstrate your commitment to the purchase and provide the seller with additional confidence in your offer. If possible, consider increasing your deposit to make your offer more attractive. For example, instead of offering a $1 000 deposit, offer $10 000.
4. Be Flexible with Conditions
While price is often a deciding factor, sellers also consider the terms and conditions of the offer. Being flexible with the settlement date or waiving certain conditions (such as finance or building and pest inspections) can make your offer more appealing. Discuss with your real estate agent what conditions may be negotiable without putting yourself at risk.
5. Personalize Your Offer
If you’re particularly drawn to a property, including a personalized letter with your offer can help you stand out. Sharing why you love the home and how you envision your future there may resonate with the seller on a personal level, especially in cases where the seller has an emotional attachment to the property.
Work with a Trusted Local Agent
Navigating a competitive real estate market can be challenging, but with @ Real Estate by your side, you’ll have a team of experts working to ensure you make informed decisions. We are dedicated to providing the highest level of service, following ethical practices, and helping you secure the home of your dreams.
By partnering with us, you’ll benefit from our local expertise, strong market insights, and cutting-edge tools to simplify the process and enhance your chances of success.
Sign Up for Our Priority Buyer Alert Program
To stay ahead in this competitive market, register for our @ Real Estate Priority Buyer Alert Program athttps://www.atrealestate.net.au/buyer-alerts. By signing up, you’ll be the first to know about new properties as soon as they hit the market, giving you the edge in securing your next home. Our caring, energetic team is ready to work with you to find a home you’ll love and help you make a winning offer.
