KNOXVILLE, Tenn. — Across Knoxville, things are heating up. It's not just the weather either — the real estate market is getting rougher for buyers as prices rise.
Homes are selling quickly as owners receive offer after offer, with many people ending up in bidding wars. During these tense negotiations, buyers may try anything to make their offer stand out from the rest to increase their chance of buying a new home.
Some real estate experts offered tips to help buyers.
First, they recommended buyers make "clean" offers on homes. They should have as few contingencies as possible tied to the offer, except for a home inspection. It can also help not to ask for a home warranty, experts said. The fewer contingencies tied to an offer, the more sellers may be attracted to it.
They also recommended buyers to pick a number and stick with it — don't mess around with your dollar amount. Buyers should only offer what they can instead of trying to offer variations of other amounts.
"Some people try to use these tricks, like 'I would pay up to whatever over what the best offer is,'" said one expert. "Just go ahead and shoot your shot. This is it."
Earnest money can also make an offer more appealing to sellers. This is the amount buyers put down before closing on a house, otherwise known as a "good faith deposit."
Buyers can get their earnest money back at closing if they abide by the rules of the contract, according to experts. The more earnest money tied to an offer, the more likely buyers will abide by the rules of the contract which can make sellers more comfortable with it.
And finally, experts recommended having a flexible closing and move-in date. Some sellers may want to sell immediately, but not want to move out for some time after. By having a flexible schedule, buyers can act quicker and beat out others on purchasing a new home.