5 Tips For Writing Your Next Offer

It is important to devise the right offer strategy in today’s real estate market

To be a buyer looking to purchase a home in today’s market can be tough given the current competitive landscape. However, being well prepared will give you a good fighting chance to be the winning offer on the home you wish to buy. Here are some helpful tips.

Employ Your Real Estate Agent

Your local real estate such as myself can be a valuable source of information from knowing the market to helping write the most appropriate offer. Sometimes a little creativity can help finesse negotiations and the previous experience can be just what you need to accomplish this.

Act Fast

Most homes for sale are selling in less than a month lately. With the fierce competition you will need to be ready to view all homes that come on the market but also to be prepared to submit an offer quickly should it be the right fit.

Solidify Your Budget

Before you start looking at homes for sale, you must get pre-qualified for a home loan by a mortgage professional. Only they can inform you of what you will be qualified for in the way of a home loan. This will establish the price point of what you can afford and start looking for. Additionally, while some homes go into competitive bidding wars, this will also help keep things in check for you as you know your price ceiling.

Begin With a Strong Offer

According to a recent report from the National Association of Realtors, about 40% of today’s offers are written for more money than the asking price figure. Knowing this information is always useful but local trends combined with comps and your agent’s knowledge will help guide you best when writing your offer.

Be Flexible

With the help of your agent you can decide on what makes most sense to budge on. It is not recommended that you give up too much like a home inspection contingency just to make your offer more competitive. There are other items such as the amount of money down, seller preferred closing dates and the like that may be just as important or helpful to the seller if you can accommodate.