In today’s seller’s market, standing out as a buyer is critical. 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.
Below are five things to keep in mind when it’s time to make an offer.
Know Your Budget. Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. Showing sellers you’re serious can give you a competitive edge. It enables you to act quickly when you’ve found your perfect home.
Be Prepared to Move Fast. Speed and the pace of sales are contributing factors to today’s competitive housing market. According to the National Association of Realtors (NAR), the average home is on the market for just seventeen days.
When homes are selling fast, staying on top of the market and moving quickly are key. After we’ve found the home that suits your needs, I’ll help you put together and submit your best offer as soon as possible.
A Real Estate Professional Can Lead You to Victory. No matter what the housing market looks like, rely on a trusted real estate advisor. We are experts in the local real estate market and have insight into what’s worked for other buyers 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. As Freddie Mac says: “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.”
Craft 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. In such a competitive market, emotions and prices can run high. I’ll help craft a strong, fair offer is critical in these situations and help you understand:
- The market value of the home
- Recent sales trends in the area
- Current buyer demand
Understand the Seller’s Needs but Don’t Forget Your Own. When crafting an offer, you’ll want to keep both your best interest and the interest of the seller in mind. I will help you consider which levers you could pull, including contract contingencies (conditions you set that the seller must meet for the purchase to be finalized) and which contingencies you can be comfortable waiving, if any.
In today’s competitive housing market, it’s more important than ever to make a strong offer on a home. Let’s connect to make sure your offer rises to the top.