Today’s market has high buyer interest and low housing inventory. With so many buyers competing for a limited number of homes, it’s more important than ever to know the ins and outs of making a confident and competitive offer. Here are five keys to success for this important stage in the home buying process.
1. Listen to Your Realtor
Whether you want to admit it or not, buying a home is an emotional process. That’s why it’s so helpful to buy a home with helpf from a trusted professional – and to let your team guide the journey, not your emotions. We can (and should) also be your primary source for answers to the questions you have when you’re ready to make an offer.
2. Understand Your Finances
Having a complete understanding of your budget and how much house you can afford is essential. The best way to know this? Reach out to your lender to get pre-approved for a loan early in the process. Only about 44% of buyers go through the pre-approval process — which means this step can really help you stand out from the crowd. It shows sellers you’re a serious, qualified buyer and can give you a competitive edge.
3. Be Ready to Move Quickly
According to the Realtors Confidence Index, the average property being sold today is receiving more than three offers and is only on the market for a few weeks! In other words, it’s critical that you stay agile and vigilant in your search, and that you only make serious inquiries or offers. As soon as you find the right home for your needs, be prepared to work with your team to submit an offer as quickly as possible.
4. Be Fair
It’s only natural to want the best deal you can get on a home. But submitting an offer that’s too low can lead sellers to doubt how serious you are as a buyer. It can even offend them! Don’t submit an offer that will be tossed out as soon as it’s received. This is one area that your Realtor can lend their expertise to in order to stay competitive.
5. Be Flexible
After submitting an offer, the seller may accept it, reject it, or counter it with their own changes. In a competitive market, it’s important to stay nimble throughout the negotiation process. Your position can be strengthened with an offer that includes flexible move-in dates, a higher price, or minimal contingencies – though we don’t recommend waiving the inspection contingency. Again, this is a place where your expert real estate pro can help.
The bottom line? Today’s competitive market makes it more important than ever to make a strong offer on a home, and a trusted expert can help you rise to the top along the way. Let’s chat today.
