5 Tips For Your Next Offer
Being a homebuyer in today’s market can be challenging with the current competitive landscape. However, being armed as best as possible will give you a good fighting chance to be the winning bid on the home you wish to buy. Here are some helpful tips.
Trust Your Real Estate Agent
Your local real estate such as myself is going to be a wealth of information. From knowing the market to crafting the most appropriate offer the expertise is invaluable. Sometimes a little creativity can help with negotiations and extensive experience can be just what you need.
The vast majority of homes for sale are selling in less than 1 month. With the steep competition today you will need to be ready to not only view all homes that come on the market but be prepared to submit an offer immediately should it be the right fit.
Know Your Budget
Before you even begin seriously looking at real estate, you must get pre-approved for a home loan by a mortgage professional. Only they can truly tell you what you will be approved for in the way of a home loan. This will dictate the price point of what you can afford and start looking for. Also, while some homes go into bidding wars, this will also help keep things in check for you as you know your price ceiling.
Put Your Best Foot First
According to a recent report from the National Association of Realtors, roughly 40% of today’s offers are submitted for above the asking price. Knowing this information is always helpful but local trends combined with comps and your agent’s knowledge will help guide you best when making your best offer.
With the help of your agent you can decide on what makes most sense to be flexible on. It is not recommended that you give up too much like a home inspection contingency just to make your offer most attractive. There are other things like amount of money down, closing dates and the like that may be just as important or helpful to the seller if you can accommodate.