You have searched for months and finally found a house you think you can call home. Now, you need to make an offer, and it can be a stressful and intimidating process. Inventory is very low right now, so knowing what price to offer is essential and can make the difference between you getting the house or losing out to another buyer!
Here are four proven strategies to win your dream home:
- Make a reasonable offer-Your realtor should be able to guide you in making a reasonable offer. Remember, you are trying to get the best price for the property, but the seller is trying to get the most for their investment. Consider recent sales in the area, the condition of the home, and what you can afford when making a reasonable offer.
- Make your offer stand out-Submit your offer and include all the reasons why the sellers should choose your offer over another. Do you have no contingencies? Are you a first-time homebuyer with no home to sell? Can you close quickly, or can you wait for the time to be right for sellers? Get pre-approved for a mortgage and let everyone know you are pre-approved. Most realtors today won’t even submit an offer without a pre-approval so meet with a loan officer well in advance.
- Be willing to negotiate the price -If you have been pre-approved, you should have a good idea of what you can afford. When making your first offer, you might want to seek your realtors’ expertise as to whether you should hold back a little or make your best offer upfront. A local realtor will know the market and competition in the area. If you really want the home, you should be prepared to negotiate on prices, conditions, or other factors.
- Move fast and be prepared-Inventory is low! Once you find a home you love, move fast! Make the offer quickly because low inventory breeds competition for your dream home!! The importance of a pre-approval can’t be stressed enough. Doing this ahead of time will put your offer in the fast-pass lane.
With rates as low as they are right now and housing inventory scarce, being prepared in advance will help you be successful when buying your new home. It also helps to work with a realtor and a loan officer who know your market and listens to your needs. At Mortgage Equity Partners, our loan officers are all experienced professionals that have the tools you need to get pre-approved quickly and close your loan smoothly. If you’ve found a home you love, don’t go it alone; contact a loan officer right away so you can win the bidding war!