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5 Tips for Homebuyers Who Want to Make a Competitive Offer

5 Tips for Homebuyers Who Want to Make a Competitive Offer | Simplifying The Market

Today’s real estate market has high buyer interest and low housing inventory. With so many buyers competing for a limited number of homes, it’s more important than ever to know the ins and outs of making a confident and competitive offer. Here are five keys to success for this important stage in the homebuying process.

1. Listen to Your Real Estate Agent

A recent article from Freddie Mac offers guidance on making an offer on a home in today’s market. Right off the bat, it points out how emotional this can be for buyers and why trusted professionals can help you stay focused on the most important things:

“Remember to let your homebuying team guide you on your journey, not your emotions. Their support and expertise will keep you from compromising on your must-haves and future financial stability.”

Your real estate professional should be your primary source for answers to the questions you have when you’re ready to make an offer.

2. Understand Your Finances

Having a complete understanding of your budget and how much house you can afford is essential. The best way to know this is to reach out to your lender to get pre-approved for a loan early in the homebuying process. Only 44% of today’s prospective homebuyers are planning to apply for pre-approval, so be sure to take this step so you stand out from the crowd. It shows sellers you’re a serious, qualified buyer and can give you a competitive edge if you enter a bidding war.

3. Be Ready to Move Quickly

According to the Realtors Confidence Index, published monthly by the National Association of Realtors (NAR), the average property being sold today is receiving more than three offers and is only on the market for a few weeks. These are both results of today’s competitive market, showing how important it is to stay agile and vigilant in your search. As soon as you find the right home for your needs, be prepared to work with your agent to submit an offer as quickly as possible.

4. Make a Fair Offer

It’s only natural to want the best deal you can get on a home. However, Freddie Mac also warns that submitting an offer that’s too low can lead sellers to doubt how serious you are as a buyer. Don’t submit an offer that will be tossed out as soon as it’s received. The expertise your agent brings to this part of the process will help you stay competitive:

“Your agent will work with you to make an informed offer based on the market value of the home, the condition of the home and recent home sale prices in the area.”

5. Be a Flexible Negotiator

After submitting an offer, the seller may accept it, reject it, or counter it with their own changes. In a competitive market, it’s important to stay nimble throughout the negotiation process. Your position can be strengthened with an offer that includes flexible move-in dates, a higher price, or minimal contingencies (conditions you set that the seller must meet for the purchase to be finalized). There are, however, certain contingencies you don’t want to forego. 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.”

Bottom Line

Today’s competitive market makes it more important than ever to make a strong offer on a home, and a trusted expert can help you rise to the top along the way.


Source: KMC

Posted in: First Time Home Buyers, For Buyers, Move-Up Buyers Tagged: Real Estate

© Margo Borkin Real Estate 2010

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Margo Borkin Real Estate

21 hours ago

Margo Borkin Real Estate

You've got questions. I've got answers -- a match made in heaven, I think! ⁣
⁣
For the next few Fridays, I’ll share answers to some of YOUR most common real estate questions — a “Frequently Asked Fridays” of sorts! ⁣
⁣
First up? A question I often get from homebuyers: ⁣
⁣
Q: Are kitchen appliances included in the sale of a home? ⁣
⁣
A; As a general rule, if an item is built-in or attached to the home (think bookshelves, window treatments, light fixtures, etc.), it's included in the sale of the home. Kitchen appliances typically fall under this “rule” unless otherwise specified by the sellers. Ask your realtor for a copy of the seller’s disclosure so you can make note of any items that don’t convey. ⁣
⁣
Looking to buy (or sell) and need a realtor? I’d love to chat! Send me a message and let’s connect.⁣
... See MoreSee Less

Youve got questions. Ive got answers -- a match made in heaven, I think! ⁣
⁣
For the next few Fridays, I’ll share answers to some of YOUR most common real estate questions — a “Frequently Asked Fridays” of sorts! ⁣
⁣
First up? A question I often get from homebuyers: ⁣
⁣
Q: Are kitchen appliances included in the sale of a home? ⁣
⁣
A; As a general rule, if an item is built-in or attached to the home (think bookshelves, window treatments, light fixtures, etc.), its included in the sale of the home. Kitchen appliances typically fall under this “rule” unless otherwise specified by the sellers. Ask your realtor for a copy of the seller’s disclosure so you can make note of any items that don’t convey. ⁣
⁣
Looking to buy (or sell) and need a realtor? I’d love to chat! Send me a message and let’s connect.⁣
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Margo Borkin Real Estate

2 days ago

Margo Borkin Real Estate

Now available in #westbloomfield
Check it out: mbre.info/6265
... See MoreSee Less

Now available in #WestBloomfield
Check it out: https://mbre.info/6265
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Margo Borkin Real Estate

2 days ago

Margo Borkin Real Estate

Are January and February good months to sell? Yes! Yes! A 1000x YES! Here’s why:⁣
⁣
1. You’ll face less competition.⁣
2. You’ll get lots of attention from buyers’ agents.⁣
3. With rock-bottom interest rates, buyers are ready to purchase.⁣
4. Your home is still shining after the holiday rush.⁣
5. You’ll enjoy a quick closing.⁣
⁣
Online searches for “buying a home” peak in January and February so if you’re thinking of selling, try to get in front of the action. Need a realtor who knows our area to help? Send me a message -- I can't wait to hear from you!
... See MoreSee Less

Are January and February good months to sell? Yes! Yes! A 1000x YES! Here’s why:⁣
⁣
1. You’ll face less competition.⁣
2. You’ll get lots of attention from buyers’ agents.⁣
3. With rock-bottom interest rates, buyers are ready to purchase.⁣
4. Your home is still shining after the holiday rush.⁣
5. You’ll enjoy a quick closing.⁣
⁣
Online searches for “buying a home” peak in January and February so if you’re thinking of selling, try to get in front of the action. Need a realtor who knows our area to help? Send me a message -- I cant wait to hear from you!
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