3 Tips For How You Can Make The Best Offer During a Home Sale
If you're looking to purchase a property right now, you're probably aware that there aren't many available. But what does that imply for you personally? As a buyer, you should be prepared to negotiate a highly competitive market where properties sell quickly and receive several offers due to low housing availability and high buyer demand. According to Realtor.com:
“Homes also flew off the market at record pace as buyers put offers in the moment properties came up for sale….”
In a bidding battle like this, it's smart to do everything you can to get ahead of the competitors. That's because when you discover a home and make an offer, you'll almost certainly be competing with other buyers. According to the latest Realtors Confidence Index from the National Association of Realtors (NAR), homes today are receiving an average of 3.9 offers. That’s the most offers we’ve seen in January for the last 5 years (see graph below):
An skilled real estate adviser can assist you in navigating bidding wars with many offers. They know what has worked for prior buyers, what sellers want, and how to assist you in preparing an offer. Here are three pointers to consider in order to make the greatest offer possible.
1. Know Your Numbers
It is essential for a successful homebuying experience to know your budget and what you can afford. Working with a lender to be pre-approved for a loan is the best method to understand your figures. Pre-approval demonstrates to sellers that you're serious, which might offer you an advantage over other buyers. You should also be aware that making an offer at the asking amount may not be sufficient. Today's homes frequently sell for more than their initial asking price. An agent can assist you in determining the home's market worth as well as what comparable properties in the neighborhood are selling for.
2. Be Ready To Move Fast
In today's competitive housing market, speed and tempo of sales are important variables. It's critical to keep on top of the market and be prepared to act swiftly when houses are selling quickly. Your realtor will keep you informed about new listings and assist you in putting together the greatest offer possible as soon as you locate the house you want to buy.
3. Make a Strong but Fair Offer
When you're competing with other offers, it's critical to start with your best offer. Use your agent's knowledge to help you craft a good offer and to determine which levers you can pull to make your offer as appealing as possible. One possibility is to waive some of your contract's requirements (conditions you set that the seller must meet for the purchase to be finalized). Just keep in mind that there are some conditions you don't want to forego, such as the home inspection.
Whatever the case may be, your agent is your best bet for making an offer that stands out in a crowded market. Let's talk about what to expect as a buyer and how to get started on a successful house hunt.