- In today’s real estate market, buyer interest has far eclipsed available inventory.
- Now that so many buyers have entered the market, it’s more important than ever to know the ins and outs of making a competitive offer.
- Don’t miss out on the home of your dreams! If you want to work with an agent who will help get your offer accepted, it’s time to contact Linda Craft & Team.
5 Ways to Strengthen Your Next Offer
As 2020 draws to a close, buyer demand is now more intense than ever—but the available supply of homes in the Triangle just keeps shrinking. This means that today’s buyers will need to do more if they want to win a bidding war or attract a seller’s attention.
Want to make sure your offer stands out from the competition? Here are five keys to success that can help you secure the home of your dreams.
Listen to your agent
Buying a home is a huge financial and emotional decision. It’s easy to get caught up in your feelings, especially if you find yourself competing against a slew of other eager buyers. Thankfully, your agent will always be on hand to keep you grounded and answer any questions you might have. When you’re ready to make an offer, it’s almost always worth listening to their advice.
Understand your finances
Having a complete understanding of your finances won’t just keep you on budget—it can also help you craft the perfect offer. The best way to figure out how much you can afford is to get preapproved for a mortgage. To put it simply, being preapproved means a lender has reviewed your finances and cleared you to borrow a certain amount of money.
Only 44% of prospective buyers plan to apply for preapproval, but it’s a crucial step that shows sellers you’re serious about buying their home. When you submit your next offer, be sure to attach your preapproval letter. It could be the reason a seller chooses you over other buyers!
Be ready to move quickly
According to the National Association of Realtors, the average sold property receives more than three offers and is only on the market for a few weeks. And in many cases, sellers will ask for your best and final offer upfront, so you should be prepared to make a quick decision.
If you find a home you love, contact your agent right away to submit an offer. Even if a listing recently hit the market, there could be other buyers vying for the same home!
Make a fair offer
Every buyer wants to score the best possible deal on their new home. However, in today’s hot market, you could find yourself paying more than the original asking price, especially if there’s a bidding war.
Unless a property has been on the market for a considerable amount of time, avoid submitting a lowball offer. Instead, work with your agent to make a competitive offer based on a home’s market value, its condition, and its location. If you play your cards right, you should be able to catch a seller’s attention—and hopefully tempt them to accept your offer.
Know how to negotiate
When you submit an offer, you’ll decide on more than just a potential price. You and your agent will also request contingencies, such as a home inspection or appraisal. If you want to appear flexible, try to have as few contingencies as possible. You can also up the ante by letting the seller choose the closing date, raising your offer, or attaching your preapproval letter.
Work with the Triangle’s Trusted Homebuying Experts
When it comes to buying a home, don’t settle for second best! Contact Linda Craft & Team at 919-235-0007 to take your real estate experience to the next level. We have plenty of resources to help you succeed in a competitive market, and we’d be happy to answer all of your questions.
Need to sell before you buy? We can certainly help with that, too!