If you’re looking to buy a home in Snohomish or King County, you’ve probably heard the term “tight market.” That means there are more buyers than homes for sale—creating fierce competition, bidding wars, and homes selling within days (sometimes hours) of hitting the market.
In cities like Lynnwood, Seattle, Kirkland, Bothell, Everett, Shoreline, Mukilteo, and beyond, tight inventory and high demand make it critical for buyers to submit competitive, well-prepared offers. At Grant Team Properties at RE/MAX Elite, located in Lynnwood, WA, we help our clients succeed in these fast-paced conditions every day.
Here are expert strategies to help you stand out and increase your chances of securing your dream home in this competitive real estate market.
1. Get Pre-Approved with a Reputable Local Lender
The first step to a strong offer is having your financing squared away. A pre-approval letter from a trusted local lender carries more weight with sellers than a vague online pre-qualification.
- Local lenders are known and respected by listing agents in the area.
- They can often close faster than large national banks.
- Your agent can communicate directly with them to resolve issues quickly.
Pro Tip: Grant Team Properties can recommend reliable local lenders who know the ins and outs of buying in Snohomish and King Counties.
2. Offer a Competitive Price—Not Just the Asking Price
In a tight market, offering the list price often isn’t enough, especially in desirable cities like Mukilteo, Kirkland, or Seattle. Your real estate agent will run a comparative market analysis (CMA) to determine what similar homes have recently sold for.
If a home is priced competitively and receives multiple offers, bidding over the asking price is common—sometimes significantly. A strong offer reflects both the home’s true market value and your willingness to compete.
3. Increase Your Earnest Money Deposit
Earnest money shows sellers you’re serious. It’s typically 1-3% of the purchase price, held in escrow until closing.
In a competitive market:
- Consider offering a higher earnest money amount to demonstrate your commitment.
- You may also make part or all of it non-refundable after inspection, signaling you’re unlikely to walk away.
Sellers view higher earnest money as a sign of a reliable, committed buyer.
4. Be Flexible with Your Closing Date
Another way to strengthen your offer is by accommodating the seller’s preferred closing timeline.
- If the seller needs extra time to move, offer a longer closing or even a short-term rent-back agreement.
- If the home is vacant, offer to close as quickly as your lender allows.
Grant Team Properties works closely with our buyers to craft offers that align with the seller’s timeline, which can give you an edge without necessarily spending more money.
5. Minimize Contingencies—But Be Smart About It
In highly competitive markets, reducing contingencies can make your offer more appealing. However, removing certain protections requires careful consideration.
Common contingency strategies include:
- Inspection Waiver: You may waive the inspection entirely or agree to a pre-inspection before submitting your offer. Many sellers in competitive markets provide seller procured inspection reports as well.
- Appraisal Gap Coverage: If the home appraises below the purchase price, you agree to cover the shortfall with additional cash.
- Shortened Contingency Periods: Offering faster deadlines for financing or inspection can appeal to sellers.
Note: Waiving contingencies adds risk. At Grant Team Properties, we educate our buyers on the pros, cons, and safest approaches for their unique situation.
6. Write a Personal Offer Letter (When Appropriate)
In some situations, especially for family homes or long-time owners, a heartfelt letter introducing yourself can make a difference.
- Share your admiration for the home.
- Express why the location (e.g., Lynnwood, Bothell, or Everett) works for your family.
- Keep it positive, concise, and respectful.
Caution: In some areas, seller decisions based on personal letters can raise fair housing concerns. Your real estate professional can advise you if this tactic is appropriate.
7. Work with a Skilled, Local Real Estate Team
Ultimately, success in a competitive market comes down to having the right team on your side. At Grant Team Properties at RE/MAX Elite, we:
- Monitor new listings the moment they hit the market.
- Leverage strong relationships with local agents.
- Craft strategic offers designed to appeal to sellers.
- Guide you through every step, from financing to inspections to closing.
Our expertise in Lynnwood, Seattle, Everett, Shoreline, Kirkland, Bothell, Mukilteo, and other Puget Sound communities gives you an advantage in this fast-paced environment.
Final Thoughts: Your Competitive Edge Starts Here
Buying a home in a tight market can feel overwhelming, but with the right preparation and expert guidance, it’s absolutely possible to succeed.
If you’re ready to buy in Snohomish County, King County, or surrounding areas, don’t go it alone. Let the trusted team at Grant Team Properties at RE/MAX Elite in Lynnwood help you craft winning offers and navigate the process with confidence.
Call or text us today at 425.483.4200 and let’s help you compete—and win—in today’s competitive real estate market.