We have all become familiar with the term seller’s market, as we navigate this unique time. With such a low housing supply, standing out as a buyer is critical. We are experiencing multi-offer scenarios and bidding wars with such extreme high buyer demand. If you are interested in purchasing a home this fall, here are some tips to keep in mind while making an offer!
Know Your Budget
Understanding your budget and what you can afford is essential to having financial success as a homebuyer. You have the opportunity to work with a lender to help you get pre-approved for a loan. Did you know that Seven Gables Real Estate offers an in-house Mortgage company? Primco will give you a competitive edge in these bidding war scenarios! The pre-approval allows you to look for a home with confidence and lets the seller know that you are a serious buyer.
Be Prepared to Move Fast
Getting pre-approved prior to shopping for a new home will also help expedite the process in these unprecedented times. Speed and the pace of sales are contributing factors to today’s competitive housing market. According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), the average home is on the market for just 17 days. But good news! You are in great hands with a trusted Seven Gables Advisor! After you’ve worked with your agent to find the home that suits your needs, they’ll help you put together and submit your best offer.
A Real Estate Professional Will Ensure Your Success
Agents are experts in the local real estate market. They have insight into what’s worked for other buyers in your area and what sellers may be looking for in an offer. In these unprecedented times, catering to what a seller may need will help your offer stand out. Seven Gables will help you make informed decisions and avoid any pitfalls along the way.
Craft a Strong Offer
According to the latest Realtors Confidence Index from NAR, “50% of offers are above the list price.” In such a competitive market, emotions and prices can run high. Having an agent to help craft a strong offer is critical in these situations. Your agent can help you understand: the market value of the home, recent sales trends in the area, and current buyer demand.
Understand the Seller’s Needs
You will want to keep both your best interest and the interest of the seller in mind. An example of what you will have to navigate is contract contingencies (conditions you set that the seller must meet for the purchase to be finalized). Although tempting to get the home you need, you don’t want to give up specific contingencies, such as the home inspection. In such a hot market you may see a home being sold ‘as-is’, which means the seller won’t pay for repairs. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.