How to Make the Best Offer on a Home
September 17, 2021
It is still most definitely a sellers market. That is why it is so important to make yourself stand out as a buyer in this market. There are so often multiple offers or even bidding wars so it is crucial to make yourself stand out amongst those when you have found your dream home. Here are a few tips to help you achieve this:
1 . Know What Your Budget Is First.
Knowing exactly what you can afford is the most important first step to a successful home purchase. The best way I would always recommend any buyer to do this is work with a trusted lender and get pre-approved for a loan. Seller’s and their agents love to see a pre-approval and it helps them feel more confident in the dea
2. The Market is Fast Paced
This is one of the biggest contributing factors to the competitive nature of the market today. Things are moving so quickly from listed, to pending, to sold. The biggest piece of advice I can give you on this is to work closely with an agent who knows your needs. This way once you find the home you want to purchase they can quickly submit an offer for you and get the ball rolling.
3. Always Use an Agent
This is honestly not just important in this market. It is important in any market. An agent will help guide you and also protect you from anything that doesn't look like it is correct, a benefit to you. They will know all of the lingo and legal things that must be done as well to ensure you are getting the best deal and home for your money.
4. When Making an Offer, Make it a Good One
Before the market was like it is now, you could make an offer for the asking price and it was considered a strong offer. In this market however, you really have to put some thought into your offer. Let me tell you from experience that over half of the offers that are being made right now are over the original asking price. So in this market it is highly likely that you will have to offer over the asking/list price. Your agent will guide you on what is a fair and strong offer.
5. Understanding the Seller’s Needs is Important Too
In this market you want to make yourself stand out. So it is important to realize the seller likely has needs or reasons for selling also. Make sure not to waive certain contingencies. Your trusted agent will help guide you through this process.
Here is the bottom line, more than ever it is crucial to know and understand the market. You have to come in with a strong offer to be a contender in this market. Connect with a local agent, me, then let me get started finding and closing a deal for you.