BOSTON (WBZ NewsRadio) — The real estate market remains red hot during the Covid-19 pandemic, but with low inventory, sky-rocketing prices and dozens of offers for every home, there's a lot of frustration and even heartbreak for prospective home buyers.
Katie Clancy, of the Cape House Team at William Raveis Real Estate, said there are several different ways to gain a competitive advantage.
The team lead added that the myth that "cash is king" in any real estate offer may not be the most important — instead suggesting to find some a kind of "emotional capital" when communicating with the buyer and agent.
“For all you know, the people who are selling the house are friends of your parents,” Clancy said. “They feel like they’ve got just some connection, rather than a stranger coming in to buy this home that they raised their kids [in], they got married [in], so to have a connection with someone can sometimes put you right across the edge.”
Clancy also said it's important to locate a real estate team that is well-liked and known in the industry.
“You want some evidence that the agent you're working with is someone that other agents want to work with, because that’s going to matter," she said.
According to Clancy, respecting that the house had meaning to the previous owners can sometimes go a long way in standing out among the crowd.
“We sold this beautiful house with this unbelievable fireplace, like you’ve never seen....Actually, the parents had been married in front of it and all the kids had been married in front of it," she said. "[And] the buyers offered to invite the grandchildren back to get married in front of the fireplace.”
Clandy added that even if you put in a bid for the same price as another prospective buyer -- you can also gain an edge by putting more money in the initial deposit to show your commitment.
Regardless of the extra tips, she reminds all buyers to always work with a licensed realtor and attorney when going through any property-buying process.
WBZ NewsRadio's Kim Tunnicliffe (@KimWBZ) reports.
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Written by Rachel Armany
(Photo: Getty Images)