By Jennifer Ames
Q: I heard that many homes sold in multiple offers in 2013. Is that true, and how can I win if I am making an offer in a multiple bid situation?
A: Yes, it is true that due to lack of supply, many homes sold with more than one offer. As a result, there were quite a few sales over asking price. When my buyer clients find themselves in this situation, we do everything we can to make their offer appealing to the seller. Aside from your offer price, strategies to enhance your offer include putting down more earnest money, keeping your contingency timeframes short, offering to let the seller pick the closing date and making the offer cash whenever possible. I believe it also helps when the buyer writes a cover note to the seller sharing a bit about themselves and why they hope to buy their home. While the seller will most likely pick the offer with the most appealing terms, a personal connection may help in the event of a tie.
Q: I am planning to buy a condo, and I want to be sure that I make a good choice. Are there particular amenities that are important for resale?
A: While it is impossible to generalize, today’s buyers seem to want big windows with lots of natural light, clean lines, hardwood floors, generous ceiling heights, custom closets, private outdoor space and the ability to walk to restaurants and shopping from their home. In more expensive properties, home automation is increasingly important for convenience, energy savings and security.
Jennifer Ames is an award-winning residential real estate agent specializing in Chicago’s Lincoln Park neighborhood. Her full-service team leads the city in sales with nearly $150 million sold so far in 2013. You can contact her at 312.440.7525 or firstname.lastname@example.org