4 Tips When Making an Offer on a House
- Understand how much you can afford
- This part of the process is not near as fun as the house hunting process, but it is a must when you are a serious buyer. This should really be done before you start the home buying process. A way to show sellers that you are serious about buying is by being pre-approved. This will also give you the confidence you need to make an offer knowing that you are already approved for a mortgage of that amount. You should also know if you are prepared to deal with any repairs the house may need.
- Act Fast
- Homes for sale are currently at a 3.5 month supply. This is about half of the 6 month supply that is needed for a ‘normal market’. Buyer demand is higher than the supply of homes for sale. This high demand for homes is causing buyers to compete for their dream home. As soon as you are ready to make an offer, work with your agent as soon as possible. This will allow your agent to present the offer as soon as possible.
- Make a Solid Offer
- Your real estate professional will take into consideration recent sales of similar homes, the condition of the house, and what you can afford when making an offer. By ensuring these, they are able to present the best offer possible. When making an offer on a home, consider finding ways to make your offer stand out! As a buyer, you can consider writing a handwritten letter to the seller letting them know how you would love to be the new homeowners. Work with your agent on ways that they can make the offer as strong as possible in hopes that the seller will accept your offer.
- Be Prepared to Negotiate
- More times than not, there will be at least one counteroffer from the sellers. The two things that are negotiated the most is price and closing date. Your agent will be a key component of your negotiating process. They will give you guidance on the counteroffer if there is one. They will also oversee making sure the agreed- to contract terms are met. If your offer is approved, it is wise to get an independent home inspection. This will allow you to find out the true condition of the home.
If this is your first home purchase or your tenth, it is very wise to have a local professional who is an expert on your side.
Call us at The Brunner Burkhart Group to make sure your home buying process is a smooth and successful one.