It’s no secret at a certain price point ( under $400k)  in many Essex county communities (Gloucester, Rockport, Beverly, Danvers, Salem, Essex, Ipswich and Peabody), buying a home  has become quite  competitive.  Purchasing real estate in 2013 has its own  level of “March Madness”. There are 20, 40 or 60+ people viewing well priced properties at open house(s). There are multiple offers and yes people are paying above asking price. Every house? No, just  homes priced appropriately for their age, condition, location and size. Buyers are not offering crazy amounts of money because we all know at the end of the day it must appraise, since most purchases are contingent on buyers receiving a mortgage.

So what will tip the scales in the favor of your offer being accepted, if you are a buyer ? There are four practices I use with consistent success when I know there is a  chance that there will be multiple offers.

1) View the house and make the offer ASAP. The early bird gets the worm. Yes it may be inconvenient and you may have to cancel a previous appointment to go view a house. Sorry, this is  about getting the house you want, not living a balanced life.

2) Offer asking price at a minimum. If you know potentially there will be multiple offers, forget about “stealing” a property. You like the house, you want it, now get it! Offer above asking to a level your agent or lender feels it will appraise at (and you are pre approved for).

3) Have your agent write the “magic letter”. People like to do business with people they know and like. Share with the buyers how much you like their house. Compliment them about their decorating or cleanliness. Find out what is motivating the sellers to sell and speak to that. Be real and be personal. Don’t laugh this works, I have had several clients achieve their home in a competitive situation because the sellers felt like they knew them and liked them after reading the “magic letter”.

4) Last but not least, always ask the sellers agent for a final and last opportunity to submit a final bid if there are multiple offers. Don’t assume that the list agent will automatically give everyone a chance to rebid; they may not. If a buyer does not want to offer more, they don’t have to, but at least they have the opportunity to make up their own mind about their final bid.

The “other” March Madness? All the way with Syracuse for me!

When my clients were looking for a home nearly 7(!) years ago, it was all I could do to get them in the front door of this “plain Jane” home. However, once inside the front door, they were pleasantly surprised! or should I say shocked  The home sparkles…it is full of light and it exactly what they were looking for: open living spaces, a large, updated kitchen (nice cabinets with dovetail drawers!), granite countertops and hardwood floors. The 3 bedrooms were a “must have” and the updated bath(s) were another pleasant surprise. The 2 car garage and the finished basement, again, were icing on the cake after walking through the open, spacious and modern first floor.

Turns out this house has been perfect for them - they love to entertain their family around a big meal and a sports event (Red Sox, Patriots!) on TV… the way the dining room sets up to the kitchen and living room is perfect for their lifestyle. The fireplace in the living room and central air conditioning have been much coveted, adding ambiance and comfort, year round.  The location has been sweet too, since one of the owners commutes to Salem and the other owner needs to access Rt.128 5 or 6 days a week. Reluctantly, they leave their most enjoyable home to be closer to their true love, which is their family.

A walk score of 92…this is a walkers paradise! This condo is so conveniently located  in Gloucester you can “roll” out the door and get to lots and lots of locations! The train, the MAC, Shaws groceries, theRumline, Gloucester Depot...the list goes on and on and then there is the 5 minute walk to Main Street stores and restaurants! The Gloucester harbor  and Pavillion Beach (great beach for seaglass!) is a ten minute walk away. In an elevator building; it is in excellent condition; lovely finishes and an open living space. I love this location – because I love to walk in Gloucester.