5 Tips for Making a Competative Offer

Dated: December 3 2020

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Today’s real estate market has high buyer interest and low housing inventory. With so many buyers competing for a limited number of homes, it’s more important than ever to know the ins and outs of making a confident and competitive offer. Here are five keys to success for this important stage in the homebuying process.

1. Understand Your Finances

Having a complete understanding of your budget and how much house you can afford is essential. The best way to know this is to reach out to your lender to get pre-approved for a loan early in the homebuying process. It is usually a requirement of submitting an offer and it shows sellers you’re a serious, qualified buyer.   Don't know a lender?  I am happy to refer you to one.  

2. Be Ready to Move Quickly

Our market is HOT!  Many properties being sold are recieving several offers and are only on the market a short time. It is important to stay agile and vigilant in your search. As soon as you find the right home for your needs, be prepared to submit an offer as quickly as possible.

3. Make a Fair Offer

It’s only natural to want the best deal you can get on a home. However, we want to remember that the goal is to buy the home at a "fair" price and we want the seller to take our offer seriously.   An offer that’s too low can lead sellers to doubt how serious you are as a buyer.  Seller's often have an emotional bond with their house.  They have been caring for it and paying for it for a long period of time.  Occasionally, seller's can be offended by a low offer and will not want to work with you.  So don’t submit an offer that will be tossed out as soon as it’s received. We want to make an informed offer based on the market value of the home, the condition of the home and recent home sale prices in the area.  

4. Be a Flexible Negotiator

After submitting an offer, the seller may accept it, reject it, or counter it with their own changes. In a competitive market, it’s important to stay nimble throughout the negotiation process. Your position can be strengthened with an offer that includes flexible move-in dates, a higher price, or minimal additional conditions.  

5. Let me help!

A recent article from Freddie Mac offers guidance on making an offer on a home in today’s market. Right off the bat, it points out how emotional this can be for buyers and why trusted professionals can help you stay focused on the most important things:

Remember to let real data like local home prices and market information guide you, not your emotions.  

This is where I come in!  I do this a lot and my profession is to know our market!  My goal is to help you get what you want ... a home! My job is to serve your needs and protect your interest.

Bottom Line

Today’s competitive market makes it more important than ever to make a strong offer on a home, and a trusted expert can help you rise to the top along the way.  Let's talk about your home preferences.

 

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SHERYL VECCHIO

I am a second generation, native Houstonian. My husband and I are proud to be the parents of 5 grown children, in a blended family, and grandparents to 8 amazing grandchildren. I am a currently a memb....

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