Lauren Bunting Broker MD & DE

Tips to improve chances in challenging sellers' market

Thursday, February 11, 2021, Lauren Bunting

Lack of inventory, rising prices, multiple offers on new listings—all confirmation that we are indeed in a sellers’ market.

Finding a home in today’s market is challenging for buyers, but there are ways to help improve your chances when the right house does come up. 

Preapproval vs a Prequalification—There are two levels of in qualifying for a loan to make an offer on a house. When it’s a sellers’ market, it’s a good idea to ask your lender to take all of your information up-front so they can provide a full-fledged preapproval letter vs. the more initial prequalification letter. This can tell sellers that you are a safer bet because you’ve turned in all of your documentation needed for the loan process already.

Multiple offers are very common right now. You have to be prepared to submit offers over the asking price and with terms that are more agreeable to the seller then to you, the buyer. Working with an experienced agent that can guide you in this process is key, as there are many ways to help strengthen an offer. Some of the ways include removing contingencies, such as home inspections, or making inspections As-Is, which tell a seller that they will not be required to make any repairs. Increasing good faith deposits, shortening up the settlement timeframes and using price escalation clauses are all other ways to help buyers win in a multiple bid process. 

And, buyers, don’t despair—Dannielle Hale, chief economist for Realtor.com, put it in her recent 2021 forecast that: “The housing market in 2021 will be much more hospitable for buyers as an increased number of existing sellers and ramp-up in new construction restore some bargaining power for buyers, especially in the second half of the year.”

Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.

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Thank you so much for all of your hard work. We are so excited to move into the perfect house for us, and couldn't have done it without your guidance.

Megan and Brandon Cater

My friend was right, you are the hardest working realtor, bar none. I honestly don't think that I would have gotten through this house selling process without you.

Brenda Burbage

Lauren made first time homebuying extremely approachable, and took the time to educate me on everything involved in the process.

Amanda Hanke and Keri Swigert

Thank you for all of your hard work and dedication that made this purchase possible. You advocate for your clients and I highly regard you for it. You made it possible for me and my family to achieve our goal of homeownership.

Tom Harutyunyan

Thank you so much for the very wonderful, professional job you did with selling our property. You will always be special to me.

Penny Carley

We want to say a sincere "Thank You" for all you've done for us! We know at times the road seemed never ending. Thank you for always staying positive even through our ups and downs of this process. We appreciate all you do!

Mike and Patty Locke

Lauren's extensive knowledge of the local real estate market proved to be invaluable during the purchase of our first home.

Allison Shockley and Patrick Molloy

Lauren is very easy to work with. She has helped me sell and buy homes in the area and has always been hard working and professional.

Jennifer K. Leggour

Lauren went through tremendous lengths to look out for us every step of the way all the way to the very end. If you are in need of a real estate agent who will treat your transaction as if it were their own and provide you with nothing less than A+ service you will be in good hands with Lauren.

Shireen and Mark Ambush

We were referred to Lauren by a good friend, and we couldn’t have been placed in better hands. Lauren went above and beyond in every way, throughout the entire process.

Liz Young

Lauren Bunting was our realtor when we recently sold two homes- one in Maryland and the other one in Delaware. To say we were very satisfied with all she did for us is an understatement!

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