5 Tips for Making Your Best Offer
As a buyer in a sellers’ market, you may feel like you’re stuck between a rock and a hard place, especially when inventory is as low as it is today. When you do find the right home, here are five tips to keep in mind that will help you make the best offer possible.
1. Know Your Budget Knowing your budget and what you can afford is critical to your success as a homebuyer. The best first step is working with a lender and getting pre- approved for a loan. Your pre-approval indicates how much you’re able to borrow for your mortgage. It also shows sellers you’re serious. That can give you a competitive edge and let you act quickly when you’ve found the perfect home. As Freddie Mac notes: “By having a pre-approval letter from your lender, you’re telling the seller that you’re a serious buyer, . . . In a true bidding war, your offer will likely get dropped if you don’t already have one.” 2. Be Ready To Move Fast Speed and the pace of sales are contributing factors to today’s competitive housing market. According to the Existing Home Sales Report from the National Association of Realtors (NAR): “Eighty-eight percent of homes sold in April 2022 were on the market for less than a month .” When homes are selling fast, it’s important to stay flexible and be ready to move quickly. A skilled agent will help you put together and submit your best offer as soon as you find the home you want to buy.
21
Made with FlippingBook. PDF to flipbook with ease