If you are considering purchasing a home this spring, it is important to keep in mind that the current real estate market still favors sellers, albeit to a lesser extent than during the peak of the pandemic. As such, it is crucial to be prepared to make a strong offer when you find a property that you are interested in. To help you with this, we recommend keeping the following four tips in mind when making your offer.
1. Rely on an agent who can support your goals. As Bankrate notes:
“select the best real estate agent for your needs. They will be a critical part of your home buying process.”
Real estate agents possess a wealth of knowledge and expertise pertaining to their local housing market. They are privy to valuable insights regarding successful purchasing strategies employed by other buyers in your area, as well as the specific preferences of sellers when it comes to reviewing purchase offers. While it may seem like a straightforward notion, tailoring your offer to meet the needs and wants of the seller can significantly enhance its appeal and strengthen your overall position as a prospective buyer.
2. Think Through Everything Before Making an Offer
Today’s market isn’t moving at the record pace it did during the pandemic. That means you may have a bit more time to think before you need to make an offer. According to Danielle Hale, Chief Economist at realtor.com:
“In general, you likely have more time to make an offer, although that’s certainly not a guarantee. If you’re on the fence about a home or its asking price doesn’t quite fit your budget, you might want to keep an eye on it, and if it doesn’t sell right away, you may have some room to negotiate with the seller.”
Although it remains critical to stay abreast of current market trends and be ready to take prompt action, the current real estate landscape may allow for a greater degree of flexibility than before. As you navigate the possibilities in your local market, we recommend relying on the expert guidance and support of your real estate agent. Their valuable insights and counsel can help you make informed decisions and increase your chances of success in finding the right property to meet your needs.
3. Understanding your budget is especially important right now
If you’re considering purchasing a home, it’s recommended that you work with a lender to obtain pre-approval for a mortgage loan. This can help you better understand your financial situation and make more informed decisions about what you can comfortably afford. Moreover, having a pre-approval letter can signal to sellers that you are a serious buyer who is well-prepared and financially capable, which could put you in a stronger position in a competitive real estate market.
4. Work with Your Advisor To Negotiate
Amid the pandemic, certain buyers opted to forego essential home inspections or decline requesting concessions from sellers in an effort to present more appealing offers and secure their desired property. However, the current real estate market landscape offers a different set of opportunities and advantages, potentially providing you with greater leverage when negotiating a home purchase. With the guidance and expertise of your trusted real estate advisor, you can carefully evaluate various options and determine which negotiation strategies may be most effective and beneficial for your specific needs and goals.
In short: when you buy a home this spring, work with a real estate advisor to make your best offer. Want to strategize on the best offer for you?
