In today’s real estate market, there is more competition than ever before with high buyer demand and a low housing inventory. With such strong interest in buying homes, it is important to understand how to make an offer with confidence.
Buying a home is one of the most important decisions to make and the process can be emotional. The journey to buy a home can bring both feelings of excitement and stress. It is essential to listen to a trusted real estate agent to help stay well informed and focused to avoid common home buying pitfalls. A professional team will provide an effortless journey with expertise and guidance to ensure future financial stability. The support of a realtor will help to keep buyers from leading with emotions without compromising on the potential home wish list.
Another aspect to consider when purchasing a home is to have a very strong understanding of your own personal finances and knowing how much you can potentially afford. The objective is to have a complete and accurate budget to ensure sustainable homeownership in the future. Receiving a pre-approval letter is a great tool to prove to the sellers how serious and qualified the potential buyer is. The amount to borrow from a lender will depend on your comfort level given your particular financial situation. Pre-qualified buyers will have a competitive edge if entering into a bidding war. It is always recommended to completely understand your personal finances and to talk to a lender when entering the home buying process.
During the journey to find your dream home, it is natural to want to find the best deal but in today’s competitive market, it is essential to submit a fair offer price. In order to be considered a serious buyer, it is important to make a well informed offer to maintain the competitive edge. According to a recent article from Freddie Mac, “Your agent will work with you 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.”
Lastly, with such a competitive buyer market, it is important to be a flexible negotiator. After an offer is made, the seller has the ability to accept, reject, or counter with changes. A buyers position can be strengthened by reducing the amount of contingencies and offering a higher price.
Although it is a competitive market, it is recommended to remain hopeful throughout the journey to buying your home. Making a strong offer is essential and these helpful hints will make the process run more efficiently. Always remember to contact a trusted expert to assist and support your needs during your decision to purchase a home. Seven Gables would love to partner with you to help facilitate a greater home buying experience.