How to Win a Home in a Competitive Market
With the increasing competition for a limited number of homes, many prospective buyers find themselves frustrated after losing offer after offer to higher bids. However, winning a home isn’t always about offering the most money—it’s about making the right moves to stand out.
In this guide, I’ll share proven strategies that have helped my clients secure homes, even when competing against higher offers.
Why Some Buyers Keep Losing Out
A friend of mine has been trying to buy a home but keeps getting outbid. If you find yourself in the same situation, it’s time to adjust your approach. Here are four key tactics that can make the difference between another rejection and finally landing your dream home.
1. Work with an Experienced Realtor
One of the biggest mistakes buyers make is going into a competitive market without expert guidance. An experienced real estate agent who knows your target area well can:
- Provide insights into comparable sales (comps) to help you make the right offer.
- Alert you to off-market opportunities that aren’t widely advertised.
- Leverage their relationships with listing agents to get valuable insights into what sellers are looking for.
A knowledgeable agent doesn’t just help you place offers—they help you win.
2. Understand the Competition Before You Bid
Before submitting an offer, find out how many other offers are on the table. Your bidding strategy should adjust based on the level of competition.
- Few offers (1-2 competitors): You might not need to go far above the asking price. Instead, focus on cleaner contract terms (e.g., fewer contingencies).
- Multiple offers (3+ competitors): In hot markets, consider aggressive strategies, such as offering above the asking price or using an escalation clause (which automatically increases your bid if someone outbids you, up to a set limit).
3. Add a Personal Touch with a Seller Letter
Buying and selling a home is not just a financial transaction—it’s an emotional one. Many sellers have a deep attachment to their home, and a heartfelt letter from a buyer can tip the scales in your favor.
- Express why you love the home and how you see your family living there.
- Acknowledge the seller’s care and effort in maintaining the property.
- Keep it concise and genuine—flattery without authenticity won’t work.
This small gesture has helped many of my clients win bidding wars even when their offer wasn’t the highest.
4. Show Your Commitment with a Strong Deposit
Sellers want to know their deal will go through without complications. A strong deposit (also called earnest money) shows that you’re a serious buyer.
- In competitive markets, consider putting 5% or more down as a deposit.
- Some buyers release part of the deposit early to demonstrate commitment.
- A larger deposit signals financial stability, making your offer more attractive.
đź“Ť Related: Tempted To Waive Contingencies to Score a Home? Watch Out for These Dangerous Repercussions
Need Help Selling Your Home?
Every home has the right buyer—sometimes, it’s just about making the right adjustments.
If you have questions about why your home isn’t selling or want an expert’s opinion on market conditions in Quebec, reach out today!
đź“ž Call Peter Thompson: (438) 500-8344
đź“© Email: peter@peterthompson.ca
🏡 About Peter Thompson
Peter Thompson is a Quebec real estate expert specializing in helping homeowners navigate complex market conditions. Contact him today for a personalized home sale strategy.
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