Best Offer on a Home: As a buyer in a seller’s market, it can sometimes seem like you’re stuck between a rock and some tough place. When you’re ready to bid on a home, think of these five simple tips to help you beat the competition.
Know your budget
Knowing your budget and what you can afford is critical to your success as a home buyer. The best way to understand your numbers is to work with a lender so they can pre-approve you for a loan. As Freddie Mac says:
“This pre-approval allows you to find a home safer and shows the seller that you are a serious buyer.”
Best Offer on a Home: Showing sellers that you mean business can give you a competitive advantage and act fast once you find your perfect home.
Be ready to move quickly
Homes sell fast in today’s competitive real estate market. According to the National Association of Realtors report on Existing Home Sales.
“83 percent of the homes sold in November 2021 had been on the market for less than a month.”
With real estate selling so quickly, it’s important to stay in the market and act quickly. Your realtor can help you put together and come up with your best offer once you find the home that you want to buy.
Rely on a real estate professional
No matter what the housing market looks like, trust a real estate advisor you trust. Freddie Mac also points out:
“The success of your home purchase process depends heavily on your business. . . . Make sure you choose trusted and experienced professionals who will help you make informed decisions and avoid obstacles.
Best Offer on a Home: The brokers are experts in the local real estate market. They have information about what has worked for other buyers in your area and what sellers may be looking for in a listing. It might sound simple, but meeting a seller’s needs can help your offering stand out from the crowd.
Make a solid but fair offer
According to the current NAR Realtor Confidence Index, 40% of today’s offers are above the list price. In such a competitive market, emotions and prices can rise. In these situations, it is crucial to have an agent who can help you come up with a strong but fair offer. Your realtor can help you understand the home’s market value and recent sales trends in the area.
Be a flexible negotiator
When preparing the offer, your trusted real estate advisor will help you consider what leverage you can pull, including contractual contingencies (conditions that the seller must meet in order for the purchase to be completed). Of course, there are certain contingencies that you don’t want to give up. Freddie Mac explains:
“Resist the temptation to skip an inspection, especially in a hot market or if the house is being sold ‘as is’ which means the seller will not pay for the repairs. Without an inspection facility, you could be stuck with a contract on a house that you can’t afford to repair. ”
Today’s competitive landscape makes it more important than ever to get a solid deal on a home of your own. Work with a local real estate professional to make sure you get to the top along the way.