Avoid Being Outbid- 4 Tips to Secure Your Evanston, IL Dream Home!

Imagine finding your Evanston dream home or condo and you quickly put in an offer. You wait patiently to hear back and after a few days go by, you get the news that you’ve been outbid. This can be frustrating and disheartening and you may begin to wonder if you’ll find a new property that could take its place and if you do; if this outcome will happen again.

I’ve spent years helping people find and buy their ideal place! Below are 4 tips to avoid being outbid by other buyers, because while this is a buyers’ market with a lot of Evanston properties from which to choose, competition can still be fierce.

1. Beat the Crowd- Make it clear to your agent that you want to be made aware of new Evanston listings as soon as they come on the market. This will help ensure that you are on top of the competition in seeing new homes and being able to make the first offer. You’ll also want to keep your offer deadline as tight as possible so the listing agent has less of a chance to entertain other offers.

2. Do Your Homework- Many people are not able to pay all cash for a home. However, having a letter from your lender stating how much you’re qualified for will give you a boost! Be aware that the average down payment in today’s Evanston Real Estate market is 20%. This type of preparation will help set you a part from other bids.

3. Aim High- If you’re still worried about an all-cash offer taking precedence over your bid; make sure your bid is the highest. Sellers want to get the most they can from their home and will almost always take the higher bid over an all cash one. Your agent should provide a Comparative Market Analysis (CMA) of homes in the Evanston area. This will give you a good idea of what other homes like the one you’re bidding on are selling for and will help you come up with a reasonable offer.

4. Relax- A demanding buyer can deter sellers. Last year, a survey from the California Association of Realtors concluded that three-quarters of all homes were on the market due to the sellers financial strain. Be willing to work with the sellers’ time constraints on closing dates and don’t demand help with closing costs. Being sensitive to the sellers needs can be a great way to make the seller feel good about accepting your offer.

I hope these tips have been helpful! Finding the right home can be a challenge, but once you’ve found it; make sure you can keep it. If you need help in exploring all that the Evanston Real Estate market has to offer; let me know! I’d be happy to show you around and answer your questions about Evanston. I look forward to hearing from you!

Judy Newton
Your Evanston Real Estate Expert
Coldwell Banker

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