5 Tips For Homebuyers Making Competitive OffersMarch 10, 2022
When buying a home and making competitive offers, deciding to use a professional real estate agent can be the difference between getting your dream home or being left disappointed. Homebuyers should research and weigh all their options before deciding which path they want to take, so make sure you use an expert who has experience with this type of market!
Here are the five major keys to success in this crucial stage of the home-buying journey.
1. Listen to Your Real Estate Agent
The first port of call for any real estate professional should be you! Your house buyer team will help lead the way and provide answers to all your questions. They’ve got their eye on what’s best, not just in terms of amenities but also financial stability down the road – which means they know how important this decision is.
2. Understand Your Finances
A financial plan is the most essential part of this process. Before you even begin to look at homes, sit down with a mortgage professional and discuss how much house you can afford.
It’s critical to have a clear picture of your financial situation and the maximum amount of house you can afford. The easiest method to figure this out is by speaking with your lender ahead of time. Only 44 percent of today’s potential homebuyers are going to apply for pre-approval, so be sure to do it early on in the process
3. Be Ready to Move Quickly
According to the Realtors Confidence Index, compiled monthly by the National Association of Realtors (NAR), the typical property presently being marketed has received more than three bids and is only on the market for a few weeks. These are both consequences of today’s competitive market, demonstrating how crucial it is to be quick and attentive in your search.
4. Make Fair but Competitive Offers
It’s only human to want the best bargain possible on a home. However, Freddie Mac also cautions that making an offer that is too low might cause sellers to doubt your commitment as a buyer. Don’t make an offer that will be immediately rejected. Your agent’s expertise in this area will assist you to stay competitive:
“Your real estate agent will help you determine an offer based on the home’s market value, its condition, and recent house sale prices in the area.”
5. Be a Flexible Negotiator
After making an offer, the seller has three options: accept it, reject it, or counter with changes of their own. It’s critical to be agile throughout the bargaining process in a competitive market. You can build your negotiating position by making an offer that includes flexible move-in dates, a higher price, or no conditions (restrictions you set that the seller must meet for the purchase to be completed). There are, however, some limitations you should avoid. Freddie Mac adds:
“Don’t give in to the urge to get out of the inspection contingency, especially if you’re selling a home in a hot market or if the seller won’t pay for repairs. You might be stuck with a contract on a house you can’t afford to maintain if there isn’t an inspection contingency.”
With the housing market being competitive these days, it’s more important than ever to make an attractive offer on your next property. A reputable specialist can assist you in reaching that top tier!
For anyone looking how to make the most competitive offers on a home, I recommend consulting with a real estate expert. Who you work with matters! Dotoli Group has helped hundreds of buyers and sellers find their dream homes. Check out our reviews online. For more info, Email: [email protected] Call or TEXT 954.799.6206.