Those shopping for a house at the moment are acutely aware that there are not many homes on the market. Multi-offer scenarios are the name of the game. Buyers are wise to mind the following when ready to make an offer.
Know Your Numbers. Two key points that are incredibly important in this process are clearly understanding how much can be afforded in buying a home, and being pre-qualified for a mortgage loan early in the process. Sellers find those pre-qualified to be serious buyers, which may give a competitive edge on the bidding table.
Brace for a Fast Pace. Typically in today’s market, the average home is on the market for only 17 days (only about 2.5 weeks). A skilled agent will do everything they can to help you stay on top of every possible opportunity. And, as soon as you find the right home for your needs, that agent will help you draft and submit your best offer as quickly as possible.
Lean on a Real Estate Professional. Home buying can be new and overwhelming to most people and, a seasoned real estate professional does this every day and knows what works. This type of experienced expertise can surely help a buyer be competitive. A great agent can cleverly help buyers understand and propose seller considerations – that can help an offer stand out - such as:
- Offering flexible rent-back options to give the seller more time to move out.
- Ability to do a quick close or make an offer that’s not contingent on the sale of your current home.
Make a Strong, but Fair Offer. The market’s climate today usually dictates that for every listing, there are at least 5 offers and half of those homes are being sold above list price. Emotions and prices are both running high, so it’s critical to trust an agent to make an equally strong and fair offer based on market value, recent sales, and demand – all things an experienced realtor is expert on.
Be a Flexible Negotiator. In some cases – even if you’ve offered generous seller considerations – the seller may still counter with changes of their own. Considerations like move-in dates, a higher price, or minimal requirements that the seller must meet before purchase, are all inclusions for which offers are best flexible on. Others like inspection contingencies – buying a home “as is” - are best not negotiated, as they could mean the seller won’t pay for repairs. This could lead to affordability problems for the buyer.
The bottom line is this - When it’s time to make an offer in this market, it is very important to consider both what buyer and seller need. The Dennis Hartley Team is here to help, so that buyers have the expert advice that they need and deserve in this process, in order to put their best offer on the table.
Photo by Breno Assis on Unsplash