Advice For Crafting Your Best Offer
Heed this advice for when submitting an offer on a home to purchase
Most everyone knows that the temperature of today’s real estate market is quite hot and it has shown to be one in favor of sellers. The pattern has included increasing prices and slim inventory which is resulting in frequent bidding wars. If you are planning on buying these days then you will want to consider this advice on best positioning as you get close to making an offer on your next home.
Define Your Budget
During a competitive real estate market when offers are coming in multiples and bidding wars happen it is a good idea to know your threshold. First it is important that you work with a trusted lender and find out just exactly how much you will be pre-approved for and spend. This way you will know what your maximum affordable amount is that you can raise your offer to.
Act Quickly
The majority of homes for sale will be on the market for less than a month these days. This means you have to be ready to view all homes that come on the market within your search criteria and move fast if you decide to submit an offer to purchase. In the current market conditions you don’t have the luxury of taking several days to think about the possibility of placing an offer on a home.
Consult With a Real Estate Professional
Having a professional and seasoned agent’s guidance in a market like today is your path to success. Emotions can escalate so you want to work with all of the facts and data that a local real estate professional can provide. This includes current market values, recent sales data such as list to sales price ratios and buyer demand. Preparing yourself with this knowledge will help you make the best offer with the least amount of buyer’s remorse.
Identify The Seller’s Needs
When you craft your offer strategy it is smart to keep both your and the seller’s interest in mind. Working with an agent you can decide to cater to things like dates and contingencies that may work best for both parties. You don’t want to get yourself in a position where you may make too many sacrifices that may come back to bite you later on!