Author: Heather Connor, Realtor
What’s the difference between the buyers that are winning the bid whether it’s their first time or not versus those who are consistently being bid out time and time again?
If you want to win the bid, you need to know that there are 3 different types of buyers:
1. Buyers that have excellent representation (agent)
2. Buyers that are active and serious about getting the property, but are not winning the offers.
Here are some strategies you might want to look out for:
- Assess if the agent representing you is a full-time agent. Do they understand the market? Can they show you exactly what is happening in the market in a quick graph? Can they show you exactly what to expect with your positioning? How honest are they with you about the strength of your offer? Are they clear when they write the offer? “Seller will want the best price, terms, and a buyer that will close”
- Look into the strategies of the buyers in set #1 on what they are doing to win an offer, and have an open mind.
- If you are constantly being beaten out in terms of price, you may strategize by looking out for properties that are maybe 10-20% below your maximum budget.
3. Buyers that are completely on the sidelines.
These are buyers who are waiting for the market to crash, waiting for properties to be affordable, and hoping to get an amazing deal.
None of us can tell what is going to happen in the market. I can say that the velocity of the market and how quickly the properties sell all have to do with supply and demand. You can ask any agent about the current supply available. Months of supply determine how long it takes for the inventory to sell if no new inventory were introduced. It will take a while for the amount of supply to catch up with the demand.