Top Tips For Crafting Your Best Offer
The temperature of today’s real estate market is hot and it certainly has proven to be one in favor of sellers. We continue to see increasing prices and slim inventory making bidding wars a common thing. If you are planning on buying this fall then you will want to heed this advice on best positioning as you get close to making an offer on your next home.
Define Your Budget
Especially in a competitive market where offers are abundant and bidding wars happen it is a wise idea to know your limits. First and foremost it is imperative that you work with a lender and find out just exactly how much you will be pre-approved for. Then you will know what your maximum amount is that you can raise your offer to.
The vast majority of homes for sale will be on the market for less than one month these days. That means you must be ready to view all homes that come on the market within your search criteria and act quickly should you decide to submit an offer to purchase. In today’s market conditions you don’t have the luxury of taking several days to ponder the possibility of placing an offer on a home.
Work With a Real Estate Professional
Having a professional and seasoned agent’s guidance especially in a market like today is your key to success. Emotions can run strong so you want to work with the facts that a local real estate agent can provide. These things include current market values, recent sales trends such as list to sales price ratios and buyer demand. Arming yourself with this knowledge will help you make the best offer with the least amount of regrets.
Cater to Seller’s Needs
When you craft your offer it is smart to keep both your and the seller’s interest in mind. Working with an agent you can decide to play with things like dates and contingencies that may work best for both parties. You don’t want to get yourself in a position where you may make too many sacrifices that may come back to haunt you later on!