Getting Your Offer Accepted!

If you’re in the market to buy your first home in the greater DC area, you’ve probably noticed that there’s a lot of competition out there. Currently, there’s still a high demand for homes but a still a low inventory—and this remains true not just across the DC area, but across the entire country.

So, what are some steps you can take to increase your chances of getting an offer accepted in this competitive market?

Try an escalation clause. Talk to your real estate agent about adding what’s known as an “escalation clause” to your initial offer on a home. With an escalation clause in place, you can automatically “up” your bid in pre-determined increments (up to a maximum amount set by you) as competing offers come in.

You can also ditch the contingencies! The fewer contingencies you have on your offer, the more appealing it will be to your seller. One of the most common contingencies that buyers will include in an offer is that of requiring a home inspection before buying. However, because some sellers are having their own inspections done before listing (and providing copies of the inspection reports to prospective buyers), it may actually make sense to forego the inspection contingency in favor of making a stronger offer.

Today’s real estate market is a challenging one for many first-time buyers, but with these strategies in play, you can make a more competitive offer on your dream home. For more help in finding a home that suits your needs and budget, turn to our team, Promesa Properties, LLC!

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