Winning Tips for Chicago Buyers in an Ultra-Competitive Sellers Market


Manage episode 151921301 series 1043192
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In many neighborhoods across Chicago, we have extremely low inventory and incredibly high demand. Chicago is experiencing an ultra-competitive seller’s market, which means buyers typically compete against multiple offers for their dream house. How do you make your offer stand out?

First of all, consider the price. When Chicago was in a more balanced market, you might have been able to start off with a lower offer knowing that the seller would counter. You can’t do that today because the seller won’t even consider your offer. You need to start off very close to listing price. In certain neighborhoods, you may even want to offer above asking price.

Earnest money is also important. Typically, earnest money caps out at about 5%. I recommend putting down 10% in earnest money in order to prove that you’re serious and financially responsible enough to buy the home.

Finally, pay attention to closing terms. If you can close quicker, that could make the difference in winning the bid, especially if you are up against a contingent buyer who needs to sell their property first. If you can close sooner, by all means, make that clear to the buyer.

Of course, these tips will only be successful if you are pre-approved. If you need to get in touch with a lender, or if you have any questions about today’s video, just give me a call or send me an email. I would be happy to help you.

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