Remember the wild ride that was the ‘unicorn’ years of the housing market? So crazy! Even with that behind us, today’s market is still competitive in many areas because the supply of homes for sale is still low. If you’re looking to buy a home this season, know that the peak frenzy of bidding wars is in the rearview mirror, but you may still come up against some multiple-offer scenarios. The following 4 tips will help you make your best offer.
1. Lean on Me (a Real Estate Professional)
Agents are experts all! So don’t hesitate to rely on one to support your goals and help you understand what’s happening in today’s housing market. We use both local and national expertise to make sure you have all the information you need to move with confidence.
Plus, they know what’s worked for other buyers in your area and what sellers may be looking for in an offer. It may seem simple, but catering to what a seller needs can help your offer stand out.
2. Get Pre-Approved for a Home Loan
Knowing what you can and can’t spend will only benefit your home search. Three cheers for budgets! The best way to get a clear picture of what you can borrow is to work with a lender so you can get pre-approved for a home loan.
Pre-approval = confidence, friends. You’ll have a better understanding of your numbers. It shows sellers you’re serious, too. And that can give you a competitive edge if you do get into a multiple-offer scenario. Great news, all around!
3. Make a Fair Offer
Let’s be honest, we all want the best deal we can get. A home is a big purchase, after all! However, submitting an offer that’s too low does have some risks. You don’t want to make an offer that will be tossed out as soon as it’s received just to see if it sticks. As a recent report specified, sellers may feel insulted or may not take you seriously.
As an agent, who is also an expert, I’ll help you stay competitive and find a price that’s fair to you and the seller.
4. Trust Your Agent’s Expertise Throughout Negotiations
During those ‘unicorn’ years of housing there was a ton of shortcuts happening. Skipping home inspections or leaving out concessions from the seller. All in order to submit the winning bid on a home. However this is a thing of the past and makes having an agent even more important.
You may have more negotiating power than before. A real estate advisor will help you think through what levers to pull and which ones you may not want to compromise on when putting together an offer.
When you are thinking of buying a home, let’s connect so you have an expert on your side who can help you make your best offer.