You have been searching for that perfect house to call home and you finally found it! The price is right, and in a very competitive market. You want to be sure that you make a good offer, so that you can guarantee that your dream of making this house yours comes true!
- Know How Much You Can Afford
Even though it is not as fun as house hunting, completely and fully understanding finances is critical in making an offer. Getting pre-approved is one of many steps that will show home sellers that you are serious about buying. It allows you to make your offer with the confidence of knowing that you have already been approved for a mortgage for that amount. In addition, you will need to be prepared to make any repairs to the house, in the case that is an issue. (new roof, new furnace).
- Act Fast
The inventory of homes listed for sale has remained below the 6-month supply that is needed for a normal market. Buyer demand has continued to outpace the supply of homes for sale, causing buyers to compete for their dream homes. Be sure that as soon as you decide you want to make an offer, you work with your agent to present it as soon as possible.
- Make a Solid Offer
Your strongest offer will be comparable with other sales and listings in the neighborhood. A licensed real estate professional familiar with the neighborhoods you are considering, will be important in helping you put in a solid offer based on their experience and other crucial considerations. Such as, recent sales of similar homes, the condition of the home and what you can afford.
Be Ready to Negotiate
It is likely that you will get at least one counteroffer from the sellers, so don’t be surprised. The two things that are most likely to be negotiated are: the selling price and closing date. You will be glad you did your homework first to understand how much you can afford. Your agent will be of great help and guide you in the negotiation process. If your offer is accepted, it is important to get an independent home inspection, so you feel confident in the condition of the home. If the inspector discovers unidentified problems, you can choose to discuss and negotiate repairs that need to be made with the seller, or cancel the contract.