Top Tips for Making Your Best Offer on a Home
As many buyers in this sellers’ market have recently found, sometimes it can feel like you’re stuck between a rock and a hard place when looking for a new home. When you’ve found that perfect property and are ready to make your offer on the home, remember these five top tips to help you stand out over other buyers:
1. Know Your Budget
Knowing your budget and what you can afford is critical to your success as a home buyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. As Freddie Mac puts it:
“This pre-approval allows you to look for a home with greater confidence and demonstrates to the seller that you are a serious buyer.”
Showing sellers you’re serious can give you a competitive edge, and it helps you act quickly when you’ve found your perfect home.
2. Be Ready To Move Fast
Homes are selling very 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.
3. Lean on a Real Estate Professional
No matter what the housing market looks like, rely on a trusted real estate advisor. As Freddie Mac also notes:
“The success of your home buying journey largely depends on the company you keep. . . . Be sure to select experienced, trusted professionals who will help you make informed decisions and avoid any pitfalls.”
Concierge Real Estate agents are experts in the local real estate markets of Mariposa, Merced and Madera counties. We have insight into what’s worked for other buyers in these areas 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.
4. 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 absolutely critical in these situations. Our agents can help you understand the market value of the home and recent sales trends in the area. If you’d like to watch what’s going on yourself check out our market reports. You can sign up to receive these reports right in your inbox each week for free!
5. 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. Freddie Mac explains:
“Resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.”
Today’s competitive market makes it more important than ever to make a strong offer on a home. Contact us for personal, expert assistance on making your best offer and getting into that home of your dreams!