Not Winning Offers? Try This...

Are you looking to buy a home and constantly get beat out by other offers?  Or do you feel that you are never finding what you are looking for?  Well, there might be something you can do about that by changing one or more of these 3 things.

Here in the Maryland area we have been seeing a gradual decline in the number of overall listings, year over year.  What this translates into is multiple offers, bidding wars, limited inventory, and unlimited disappointment.  But it doesn’t have to be. Unlike the market in 2020, where everything sold out of scarcity, with interest rates on the rise, buyers have become choosey, and that leaves some untapped options for the rest of the buyers out there.

So for the buyers out there, tired of losing, and needing to get into the housing market, it's time to make adjustments to your search. Those adjustments are: Criteria, Location, and Price.  That’s right.  When it comes to buying, these are the top factors that can make a difference in your search.

1. Criteria.  Statistically, this may not be your forever home, so what criteria could you cut out from your original must have list?  Maybe less square footage or a smaller yard?  Maybe a different style or type of house?  Maybe a few less amenities or conveniences? You can get a lot more ‘house’ and upgrades in a townhouse vs a single family home for example.

2. Location.  Could you handle a few more minutes to your commute? Do you have to be in the city center and walking distances to restaurants and bars? Is there a different location that would allow you to keep your criteria the same?

3. Price.  Often, most buyers aren’t looking at the top of their budget.  But for $100 or $200 more a month, would it be worth that location or those amenities you so desired?  Or are there some potential loan programs that you haven’t considered to bridge the difference you need?

These three factors can be a sort of give and take list.  By changing our criteria we stay in our price, or by changing our price or location, we can now get the criteria we initially wanted.  When thinking in terms of these factors, you might be able to open up a whole new set of homes.