In today's market multi-offer scenarios and bidding wars are the norm due to the low supply of houses for sale and high buyer demand. If you’re buying this fall, you’ll want every advantage, especially when you’ve found the home of your dreams. Here are 5 tips in making your offer the best one.
Figure Out Your Budget
For starters, Knowing your budget and what you can afford is extremely important to your success as a homebuyer.
One of the best way to understand your numbers is to work with a lender so you can get pre-approved for a loan.
“This pre-approval allows you to look for a home with greater confidence and demonstrates to the seller that you are a serious buyer.” -Freddie Mac
Showing sellers you’re serious can give you that competitive edge. It enables you to act quickly compared to others when you have found your perfect home.
Be Prepared To Move Quick!
Speed and the pace of sales are important factors to today’s competitive housing market. According to the the National Association of Realtors, the average home is on the market for just 17 days. The report notes:
“Eighty-nine percent of homes sold in July 2021 were on the market for less than a month.” -Freddie Mac
When homes are selling fast, staying on top of the market and moving quickly is key. After you’ve worked with your agent to find the home that suits your needs, they’ll help you put together and submit your best offer as soon as possible.
A Local Real Estate Agent Can Lead You to Success
No matter what the housing market looks like, rely on a trusted real estate advisor.
“The success of your homebuying journey largely depends on the company you keep. . . . be sure to select experienced, trusted professionals who will help you make informed decisions and avoid any pitfalls.” -Freddie Mac
Agents are experts in the local real estate market. They have insight into what’s worked for other buyers in your area and what sellers may be looking for in an offer. It may seem simple, but catering to what a seller may need can help your offer stand out.
Put Together a Strong, Fair Offer
In the past, offering at or near the asking price was enough to make your offer appealing to sellers. In today’s market, that’s often not the case. According to the latest on NAR, 50% of offers are above the list price.
In this competitive market prices can run high. Having an agent to help craft a strong, fair offer. Another way an agent will lead you to victory.
Your agent can help you understand:
- The market value of the home
- Recent sales trends in the area
- Current buyer demand
Understand the Seller’s Needs, but Resist Waiving Certain Contingencies
When putting together an offer, you’ll want to keep both your best interest and the interest of the seller in mind. This is another way your trusted local real estate advisor will help you. Your Real Estate Agent will help you understand contract contingencies (conditions you set that the seller must meet for the purchase to be finalized).
“Resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.” - Freddie Mac
Today’s competitive housing market makes it more important than ever to make a strong offer on a home.
Let’s connect to make sure your offer rises to the top!
Phone: 239-303-9108
Email: Sales@treelinerealty.com
Content previously posted on Keeping Current Matters (Instagram)