Whether you’re the buyer in a real estate deal, and your offer is on the table, or the seller and a bidding war has started, you want to be the winner. Sellers need to put in the work and market the property to attract buyers’ interest and, once they do, remain reasonable during negotiations.
Tensions can run high during fierce competition, so it’s helpful to have a guideline to keep your deal on track. Here’s what you need to know about buying and selling McAllen real estate in a competitive market.
Money Talks
When you’re buying McAllen real estate in a competitive market, a pre-approval letter and a substantial down payment can help you win the bidding war.
When selling a property in a competitive market like McAllen, it can feel daunting. To streamline the process, start by categorizing offers into two stacks. First, prioritize those with confirmed financing, placing them in the “keep” pile. Then, focus on offers with strong debt-to-income ratios. Ideally, a cash buyer is the most desirable as it eliminates concerns about financing approval. Unlike financed purchases, cash transactions bypass time-consuming approvals, inspections, and appraisals, along with income and credit score criteria for buyers. Selling to a cash buyer alleviates the stress of potential deal-breaking financing hurdles. Increase the earnest money deposit if possible to get an upper hand. Making a substantial down payment serves as a solid indicator of the buyer’s commitment, earning their offer a top rating.
Making Offers
Investing in real estate in McAllen can be a strategic challenge in a fast-paced market. To succeed, it’s essential to approach the process with a well-thought-out strategy. Instead of playing the numbers game, come in strong with your best offer and minimize contingencies. Be sure to establish a maximum bid to prevent emotional decisions during a bidding war, which could lead to buyer’s remorse. Conduct extensive market research and stick to your financial plan. To add a personal touch, consider including a heartfelt letter expressing your admiration for the property. When buying in a competitive market, make sure you don’t underbid and avoid contingencies.
When selling a property in McAllen, staying composed and analyzing all aspects of an offer is crucial. Understanding the property’s true market value is key to setting realistic expectations. Avoiding offers with extensive contingencies is advisable. Keep in mind that once an offer is accepted, you are committed, but you can still entertain backup offers. In case the primary deal falls through, having alternate options can provide valuable flexibility.
Timing can Make a Difference
When you’re buying McAllen real estate in a competitive market, consider being extremely flexible with the closing timeline. Relieving the sellers’ stress of having to move twice because their new home won’t be ready in the typical 30-day range could go a long way to put your offer at the front of the line.
Selling in a competitive market may provide you the opportunity to negotiate a rent-back agreement with your buyer. This agreement will give you extra time to remain in the home after closing if the new home you’re building has setbacks in the finish date or another matter slowed the ability for you to move.
Buying? If you haven’t found your next investment property in McAllen, at Dolfin RGV, we have a steady inventory of the best investment properties available.
Selling? Dolfin RGV pays cash for your home as-is, with closing in a 9-14 days or whenever you’re ready. After detailing what you could sell for on the market vs. our offer, Dolfin RGV will make an offer you’ll agree is more than fair. Talk to us and check if win can make it a win-win situation.
Dolfin RGV professionals make buying and selling McAllen real estate in a competitive market easy. Dolfin RGV understands what it takes to stay on top of the competition, with the experience to help you make the right move at the right time at a fast pace. We take the time to listen to your concerns and answer any of your questions here at Dolfin RGV, with no obligation. Contact Dolfin RGV at (956) 904 5234 today!