Yes, we are experiencing multiple offers in the Tulsa real estate market. When a home is updated, move-in ready and priced competitively, it will sell quickly. Some Tulsa home buyers are learning about multiple offers the hard way.
When my Buyers looked at the $180,000 home they liked on Sunday, we could have offered $170,000 and waited to see where the Seller countered. However by Tuesday we were notified that an offer was coming in Wednesday morning from another Buyer. Now with multiple offers, my Buyers may pay more than they would have otherwise, because we are in a BLIND bidding war.
Yes, there are many homes in the Tulsa real estate market that are lingering on the market. There’s usually a reason – either they are not 100% updated or they are priced too high. If you are seeing homes you like getting snatched up quickly, get PREPARED to make an offer.
- Go through a “practice offer” with your Realtor so that you have time to understand all the terms of the contract and are able to get any questions you have answered. When you are ready to make a “real offer,” you’ll be prepared.
- Discuss what you might want to ask for when you make an offer, such as a residential service agreement or closing costs.
- Get pre-qualified with a reputable, local Lender and have a general qualification letter ready to submit with an offer. Discuss how these factors may dilute your offer or make it less attractive.
The BEST WAY to prevent a multiple offer situation is to get your offer in quickly once you find that perfect home. Be prepared that the Seller may not be very negotiable if the home has not been on the market long – but you will certainly pay less when the Seller has one offer to consider instead of two.
Home buying should be a pleasurable experience. Being prepared and ready to take action is the smart way to keep it a pleasurable experience!
How Home Buyers can avoid multiple offers in the Tulsa real estate market
Content by Lori Cain.