4 Tips for Making the Best Home Offer
Are you preparing to purchase a home this spring? It's still a sellers' market, even though things are more even than they were during the pandemic's peak. Therefore, keep in mind these four suggestions when you locate the house you want to purchase and submit your best bid.
1. Lean on a Real Estate Professional
Rely on an agent who can support your goals. As Bankrate notes:
“. . . select the best real estate agent for your needs. They will be a critical part of your home buying process.”
Agents are local market experts. They know what’s worked for other buyers in your area and what sellers may be looking for in an offer. It may seem simple, but catering to a seller's needs can help your offer stand out.
2. Know Your Budget
Understanding your budget is especially important right now. As Sandy Higgins, Senior Wealth Advisor at Capstone Financial Advisors puts it:
“Understand your current budget … what are your expenses, how’s your spending, would you need to make changes?”
In order to get pre-approved for a loan, working with a lender is the best way to understand your numbers. It makes you more financially secure and demonstrates your seriousness to potential clients. That might give you an advantage over your rivals.
3. Think Through Everything Before Making an Offer
Today’s market isn’t moving at the record pace it did during the pandemic. That means you may have a bit more time to think before you need to make an offer. According to Danielle Hale, Chief Economist at realtor.com:
“In general, you likely have more time to make an offer, although that’s certainly not a guarantee. If you’re on the fence about a home or its asking price doesn’t quite fit your budget, you might want to keep an eye on it, and if it doesn’t sell right away, you may have some room to negotiate with the seller.”
Even though it's still crucial to keep up with the market and be ready to act quickly, there is more flexibility now. As you investigate the possibilities in your market, rely on your agent's advice.
4. Work with Your Advisor To Negotiate
During the pandemic, some buyers skipped home inspections or forgot to ask for seller concessions so they could put in the highest bid on a house. Thankfully, the market has changed, and you might now have more negotiating power than in the past. When putting together an offer, your trusted real estate agent will help you think about the right levers to pull.
Let's connect so you have the advice to make your best offer when you buy a home this spring.
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