As a buyer in a sellers’ market, sometimes it can feel like you’re stuck between a rock and a hard place. When you’re ready to make an offer on a home, remember these five easy tips to help you rise above the competition.
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, and it helps you act quickly when you’ve found your perfect home.
Be Ready To Move Fast:
Homes are selling quickly in today’s competitive housing market. According to the Existing Home Sales Report from the National Association of Realtors (NAR):
“Eighty-three percent of homes sold in November 2021 were on the market for less than a month.”
When houses are selling this fast, staying on top of the market and moving quickly are key. Your agent can help you put together and submit your best offer as soon as you find the home you want to buy.
Lean on a Real Estate Professional:
No matter what the housing market looks like, rely on a trusted real estate advisor.
Agents are experts in the local real estate market. They have insight into 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.
Make a Strong, but Fair Offer:
According to the latest Realtors Confidence Index from NAR, 40% of offers today are above the list price. In such a competitive market, emotions and prices can run high. Having an agent to help you submit a strong, yet fair offer is critical in these situations. Your agent can help you understand the market value of the home and recent sales trends in the area.
Be a Flexible Negotiator:
When putting together an offer, your trusted real estate advisor will help you consider which levers you can pull, including contract contingencies (conditions you set that the seller must meet for the purchase to be finalized).
Of course, there are certain contingencies you don’t want to give up. For example, waiving inspection contingency, especially in a hot market could mean the seller won’t pay for repairs. Without the inspection contingency, you could be stuck with a contract on a house with repairs you can’t afford to fix.
Today’s competitive landscape makes it more important than ever to make a strong offer on a home. Work with one of our agents here at Corken + Company to make sure you rise to the top with the best!
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