The good news is that the inventory of listings has improved overall, and mortgage rates are trending down. However, the number of homes for sale in some neighborhoods is still on the lower side with more buyers now in the market. Which means that if you’re thinking of buying a home soon, you could find yourself competing with multiple offers for the property you’d love to buy. Here are four key tips for crafting a strong offer.
Work with a real estate agent. You can certainly make an offer without an agent, but having your own buyer’s agent on your side is a big help in putting together an offer. We are experts in the local market. We know what has worked for other buyers in the area and what sellers could be looking for. That knowledge can be extremely valuable in coming up with a strong offer on the home of your dreams.
Know your budget. Understanding what you can afford is key. What is the best way to do that? Work with a lender to get pre-approved for a mortgage. We’d be happy to refer you to a mortgage professional who can help. Having a pre-approval letter from a mortgage company will make you financially confident going forward and shows the seller you’re serious. Sellers are often less likely to consider an offer without a pre-approval letter.
Make your offer a fair one. Of course, you want to get the best deal you can. But try not to go in with an offer that’s super low, or it will be rejected as soon as it’s presented. Listing agents usually try to get their sellers to negotiate with buyers by counteroffering—coming back with a number that’s closer to the listing price. But if the sellers are insulted by your initial offer, or feel you aren’t serious, they’ll refuse to counter, and then there’s not much you or we can do. This is where our experience can help you come up with a competitive price that’s fair to both you and the sellers.
Trust your agent to lead you through the negotiation. When the sellers decide to counter your offer, there are many factors that can come into play in the negotiations—from the price, to repairs, to moving dates. We can help you arrive at the best plan moving forward. We may have insight into what matters most to the sellers, which can make your offer a more attractive proposition. As your representative, we look at the transaction from your point of view to help you negotiate a purchase agreement that will meet your needs and fulfill your dreams.
Thinking of selling or buying a home? Please text, call, or email us to learn about your best options today!
