How to Navigate Multiple Offers in 2022
There are a lot of strategies we use to help our clients win in multiple offer situations. One of those strategies is take the big number and break it down into what it might actually cost the client.
On average, for every $1,000 in purchase price the monthly payment increases $6. So, if you were looking at a property and you wanted to increase your offer price by $10,000 what you’d be doing is increasing your monthly payment around $60 per month.
If we take it one step further, the average homeowner owns their home for 5-7 years or 60-84 months. So really, you aren’t paying $10,000 more – your actual cost – true money out of pocket is an additional $60 x the number of months you own the property.
We recommend running this strategy past your mortgage loan office first though. This is just an example and the true mortgage professionals can give you a much more accurate portrayal of what that actual dollar amount per month is.