Making a Winning Offer on a Home
Starting Your Home Search
Before starting your home search it is imperative to find a Local Real Estate Agent familiar with the area in which you plan to purchase. They are knowledgeable about local schools, pros and cons of different communities, current market conditions and a wealth of other information. Your Agent will be there to guide you through the home buying process from start to finish.
Understanding Your Finances
Having an understanding of your budget and how much home you can comfortably afford is essential. One of the first steps is to obtain a pre-approval from a mortgage company or your local bank. This pre-approval will have a maximum dollar amount you are qualified for and will be necessary to make an offer on a property.
Be Prepared to Move Quickly
According to a recent index from the National Association of REALTORS the average property sold receives 3.7 offers and is on them market for less than 21 days. Today's residential real estate market is extremely competitive for home buyers. So when searching for a home it is important to stay alert in your home search. Also be prepared to submit an offer as quickly as possible.
Be Prepared to Make a Competitive Offer
It's only natural to want to get the best deal when making an offer on a home. However submitting a low offer can make the buyer look as if they are not too serious to a home seller. In today's market many homes are receiving multiple offers and selling above appraisal value. This is forcing home buyers to put additional funds toward the purchase to make up the difference. The expertise of a Real Estate Agent will help your offer be competitive.
Remain Flexible During Negotiations
Once your offer has been accepted by the seller it is important to remain flexible during the negotiation process. One way of strengthen your position is to be flexible with move-in dates, offer a higher price and have minimal contingences. During the inspection period it is best to keep non-lender required repair requests to a minimum. For more information about buying a home in today's market contact Allen Deaver today.