Nothing is proceeding ‘as usual’ in 2020. From how we buy our groceries to how we celebrate birthdays, COVID-19 has upended what we used to think of as normal. The process of buying a home is not immune to the effects of this pandemic either.
Money.com recently wrote an article highlighting strategy changes in how homebuyers are winning bidding wars in the current real estate market. Money.com focuses on personal finance strategies that improve the bottom line, so it makes perfect sense that they would be interested in how people are securing great deals on homes during this time.
As it happens, one of my clients, Christian Henriksen, recently found himself in the position where a savvy approach was necessary for buying a home in West Chicago.
After the first wave in early Spring that shut down the country, a bit of relief came in May and the market began to open up and buying a home again became front and center in people’s minds. Buyers were in a frenzy, and homes were going under contract so quickly. It was critical that buyers work with a realtor who was very involved in the process because at the rate homes were closing, you could miss out if you weren’t aware of all your options.
My client, Christian, was a first time home buyer. He is also a nurse who works with COVID patients. He was interesting in buying a home in West Chicago. I knew we needed to move fast once he found the home he liked. First things first, I had him do a drive-by of the home the day he reached out to me. I wanted him to confirm that he liked the neighborhood and the exterior condition of the home. From there, after he gave me the okay, I reached out to the listing agent to see if they had any offers on the table, which they did. The following day I used FaceTime to conduct a virtual showing with Christian, and submitted the offer the same day.
This is where the strategy comes in…an escalation clause.
Christian Henriksen and his girlfriend bought a three-bedroom ranch home in West Chicago, Illinois, after house hunting for about a month. His escalation clause came into play when out of nine other offers, his offer was the only one that stated he would be willing to match competing bids and go $1,000 over the highest offer the seller received. “We submitted the offer on a Sunday, and we found out on Monday that our offer was accepted,” he said.
Our bid and strategy won out against 9 other offers!
Are You Ready to Move?
This story is perfect example of why it’s so important to work with a trusted real estate agent. It’s our job to stay on top of changes in the market. And with the current state of our Covid-world things seem to be ever-changing.
Whether you’re buying a home or selling a home, let me help you navigate this process. Give me a call or send me a text and I will help you through the entire process.