What do home sellers look for in a buyer?

Are you on the hunt for a new house? If you are a home buyer, this naturally means you will be making offers to home sellers. Sellers often have multiple offers to consider, and each potential buyer presents a different combination of financial stability and commitment to the purchase. What do sellers prioritize when choosing an offer? Here are the key factors sellers typically look for in a buyer!

A pre-approval

One of the first things a seller will look at is whether a potential buyer is pre-approved for a mortgage. A pre-approval may just be a preliminary financial evaluation, but it is very important to sellers. A pre-approval indicates that the buyer is serious and capable of securing financing. This reduces the risk of the deal falling through due to financial issues. Sellers also want to close deals quickly, and a pre-approved buyer can speed up the mortgage approval process, leading to a faster closing. Plus, it reassures the seller that the buyer has the financial means to follow through with the offer, making their bid more attractive! We always advise clients to get pre-approved before they start house hunting. It strengthens their position in negotiations and can be the deciding factor in a competitive market.

The use of a real estate agent

The involvement of a real estate agent can significantly influence your luck in the market as a buyer. Real estate agents bring invaluable professionalism, knowledge, and negotiation skills to the table. Realtors help buyers navigate the complexities of purchasing a home, which can be an intimidating process if you don’t have experience in the industry. Experienced agents can negotiate better terms and conditions on behalf of the buyer, which can also make the offer more attractive to the seller. The presence of a realtor also gives the seller confidence the other party is serious and prepared. Many sellers will not consider an offer from a buyer without an agent, because they do not want to add unnecessary stress to the sale. 

A competitive offer

Making a competitive offer can be crucial to success as a home buyer. Home sellers want the best possible deal, which includes not just the price but also the terms and conditions. Naturally, a higher offer price is attractive to sellers. Buyers should be prepared to offer at or above the asking price, especially in hot markets. Sellers also prefer offers with fewer conditions, such as needing to sell a current home or secure mortgage financing. The more conditions, the more complex the sale gets! However, the one condition you should not budge on as a buyer is getting a home inspection. It’s very important to ensure your future home is safe, and doesn’t have thousands of dollars of repair bills lining up. Finally, buyers who can accommodate the seller’s preferred closing date may have an advantage. Flexibility in moving timelines can certainly be a deciding factor for home sellers.

Home sellers look for buyers who demonstrate financial stability, readiness, and commitment. A pre-approval, a large down payment, the involvement of a real estate agent, and a competitive offer are key factors that can make a buyer stand out in a crowded market. As mortgage brokers, we are here to help buyers position themselves as strong candidates, ensuring a smooth and successful home purchase. By understanding and focusing on what sellers prioritize, buyers can improve their chances of having their offer accepted, making the journey to homeownership smoother and more rewarding.

If you have any questions about your mortgage, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.