Here are the five keys to making a successful, competitive offer.
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As you may know, our current real estate market has very high demand and extremely low supply. With so many buyers competing for a limited number of homes, it’s more crucial than ever to know the ins and outs of making a confident and competitive offer. Here are the five keys to success when submitting an offer:
"It’s more crucial than ever to know the ins and outs of making a confident and competitive offer."
1. Let your agent or team guide you. Don’t allow your emotions to steer this process. Your agent’s support will help you avoid compromising what you truly want in a property for future financial stability; it can be a challenge to balance these. Your agent’s expertise will keep you competitive, so take their advice. Your agent should ensure that you’re informed and your offer is based on the home’s market value, condition, comparable properties, and the current market.
2. Understand your finances. Knowing your budget, how much house you can afford, and how much you want to spend are imperative. Getting pre-qualified by a lender shows the seller that you’re serious, capable of buying, and can give you a competitive edge in a bidding war.
3. Be ready to move quickly. Right now, the average home in our market is sold in just one to three days with multiple offers, so time is of the essence.
4. Make a fair offer. It’s only natural to want to get the best deal possible on a house. However, submitting a low offer in a seller’s market can cause the seller to doubt how serious you are as a buyer. Don’t submit an offer that could be tossed out as soon as it’s received.
5. Be a flexible negotiator. After you submit your offer, the seller can accept, reject, or counter it. In a competitive market, you must stay flexible throughout the negotiations. Your position can be strengthened with an offer that includes flexible moving dates, a higher price, or minimal or no contingencies.
Today’s competitive market makes it more important than ever to submit a strong offer, and a trusted real estate expert can help you rise to the top and get your offer accepted.
If you have any questions about making offers or real estate in general, please reach out to us via phone or email. We’d love to be your real estate resource.