In today’s market, buying a home or even finding a rental tough. There is a huge increase in demand for homes across the United States, so be aware of the competition.

Featured Image VIA

You might make a great offer and still lose the house. Even with rising interest rates, competition is at an all-time high. Luckily, we were able to get insight from real estate pros. Here is what they shared about getting a house, despite the current market conditions.

Gain Experience 

One way of gaining experience is to actually become a realtor and take an an accredited real estate course. 

Even if you’re a busy person, there are solutions for you. You can get your real estate license online, which is a fast and affordable way to get licensed, while also learning tips and tricks on a flexible schedule. 

Talk Money, Always

It is no surprise that you can make money talk in many ways. In the real estate market, even a few thousand dollars can make or break your offer, so you need to know how to offer before asking. 

According to Realtor.com home expert Lexie Holbert, ‘’anything you offer over the appraised value of the home, and your loan amount, will be your responsibility to cover.”

Depending on your relationship with the seller’s agent, you can instinctively determine how much you need to go over asking, though this only happens sometimes. The next option would be to increase your deposit money from 1 percent up to 20 percent, so the seller knows you’re serious. Lastly, you could also try to make an all-cash offer, which would lead to a quicker decision.

Get A Pre-Approval Letter 

Sellers want to make sure the sale is going to happen. That’s why it’s important to get a pre-approval letter from your lender, though this should be done in advance because it can take some time to get the approval. 

This can be a strategic move that you can use to get rid of your loan contingency. As a result, your offer will look much more attractive, so buyers will end up taking a second look at it and even decide on a quick closing. 

Alter Or Remove Contingencies

Most sellers want to make a quick closing, so it’s important to keep your contingencies short, whether it’s a home inspection contingency or even a mortgage one. Why? Because contingencies provide the buyers with the possibility to back out of a deal, and if you keep them short, you are likely to meet the seller’s needs.

In times when you can’t remove a contingency, you should check if there are ways for you to tighten its timeline, while staying away from any financial risk.

Accommodate The Seller’s Needs

If your buyer accepts your offer, let them decide on the closing date that accommodates their needs. Holbert says, “Following your closing, they might want to stay in the house for a few days or do a buy-back where they’d rent for a set period.”

Look for Ways To Add An Escalation Clause

Most real estate agents have already tried the strategy of adding an escalation clause, and while some might think of this as an overrated strategy, it actually shows that you’re willing to do anything it takes to get the house you want. 

Experts argue that an escalation clause shows you’re willing to pay a huge amount of money as a proof that you have the highest offer in the competition.