There is some fierce competition for home buyers in today’s market. The number of buyers is exponentially increasing, while the number of homes for sale has plateaued. This has forced buyers (and their real estate agents) to work extra diligently to have their offer accepted on their desired home. When inventory is low, home buyers need to be prepared to stand out from the sea of fellow buyers and make quick decisions backed with solid offers to secure their dream home.
Before Your Search:
- Find a trusted real estate agent to help you with your home buying experience.
- Meet with a Loan Officer; they will be able to offer you guidance to get your finances in order. This will include things like figuring out how much home you can afford, fixing any credit issues you may have, having your down payment ready, and putting any major purchases on hold until after the home buying process.
The House Hunt:
- Make a list of home features that you feel are necessities for your new home versus features that are just “wants.”
- Don’t wait for the weekend to find your home, make the home search your priority! Make appointments with your real estate agent for home walk-throughs as soon as possible.
- Once you find the perfect home, be ready to make an offer quickly! There is no time to wait.
- More tips for your house hunt can be found here.
Creating Your Offer:
- Assume there is no room for negotiation and make your best and strongest offer upfront.
- Be available to your real estate agent at all times in case there are any questions with your offer.
- Make a clean purchase contract to ensure a quick closing time. Figure out what contingencies you are willing to remove from your offer.
- If possible, pay with cash or increase your down payment.
- Agree to pay the seller’s closing costs.
- Add in something a little extra to make sure your offer stands out. In a letter to the owners, personalize it with a family photo or a sentimental memento.