4 Tips To Get Your Purchase Offer Accepted
So, you’ve been searching for that perfect house to call a ‘home,’ and you finally found one! The price is right, and in such a competitive market, you want to make sure that you make a good offer so that you can guarantee that your dream of making this house yours comes true! 4 Tips To Get Your Purchase Offer Accepted:
Freddie Mac covered “4 Tips for Making an Offer” in their latest Executive Perspective. Here are the 4 tips they covered along with some additional information for your consideration:
1. Understand How Much You Can Afford
“While it’s not nearly as fun as house hunting, fully understanding your finances is critical in making an offer.”
This ‘tip’ or ‘step’ should really take place before you start your home search process.
As we’ve mentioned before, getting pre-approved is one of many steps that will show home sellers that you are serious about buying. A lenders pre-approval will allow you to make your offer with the confidence of knowing that you have already been approved for a mortgage for that amount. You will also need to know if you are prepared to make any repairs that may need to be made to the house (ex: new roof, new furnace).
2. Act Fast
“Even though there are fewer investors, the inventory of homes for sale is also low and competition for housing continues to heat up in many parts of the country.”
According to the latest Existing Home Sales Report, the inventory of homes for sale is currently at a 3.7-month supply; this is well below the 6-month supply that is needed for a ‘normal’ market. Buyer demand has continued to outpace the supply of homes for sale, causing buyers to compete with each other for their dream homes.
Make sure that as soon as you decide that you want to make an offer, you work with your agent to present it as soon as possible.
3. Make a Solid Offer
Freddie Mac offers this advice to help make your offer the strongest it can be:
“Your strongest offer will be comparable with other sales and listings in the neighborhood. A licensed real estate agent active in the neighborhoods you are considering will be instrumental in helping you put in a solid offer based on their experience and other key considerations such as recent sales of similar homes, the condition of the house and what you can afford.”
Talk with your agent to find out if there are any ways that you can make your offer stand out in this competitive market!
4. Be Prepared to Negotiate
“It’s likely that you’ll get at least one counteroffer from the sellers so be prepared. The two things most likely to be negotiated are the selling price and closing date. Given that, you’ll be glad you did your homework first to understand how much you can afford.
Your agent will also be key in the negotiation process, giving you guidance on the counteroffer and making sure that the agreed-to contract terms are met.”
If your offer is approved, Freddie Mac urges you to “always get an independent home inspection, so you know the true condition of the home.” If the inspector uncovers undisclosed problems or issues, you can discuss any repairs that may need to be made with the seller, or cancel the contract.
Whether you’re buying your first home or your fifth, having a local professional on your side who is an expert in their market is your best bet in making sure the process goes smoothly. Happy House Hunting!
Call us and we’ll help you to buy your next home…(909)985-9392
This Tree-Lined South Claremont Neighborhood is Hot for Homebuyers! [Video] This neighborhood is tree lined with California “Live Oaks”, Crape Myrtle and Elms. Often over
Supply and Demand Problem Plaguing New Construction Builders. Last week at the National Association of Real Estate Editors 51st Annual Conference, CoreLogic
Do You Know How Much Equity You Have in Your Home? If you are one of the many Americans who is unsure of how much equity you have built in your home…
4 Great Reasons To Buy A Home This Summer. The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer
Selling Your House Summer 2017 E-Book. Here are five reasons listing your home for sale this summer makes sense. 1. Demand Is Strong
69% of Buyers are Wrong About Down Payment Needs. Nearly 40% of mortgage industry professionals surveyed believe that a lack of knowledge about the…
If Your Home Hasn’t Sold Yet. Definitely Check the Price! Home sales have bounced back solidly and are now at their fourth highest pace over the past year.
The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority…
What Would You Sacrifice to Save For Your Next Home? [INFOGRAPHIC] The answer to this question about sacrificing will surprise you…
These six tips to sell your home fast, for top dollar will improve your property’s appearance to buyers and facilitate a quicker sale.
Today, there are many questions your real estate agent must be able to answer to ensure your family is making the right decision. Here are just a few:
#1 Reason to List Your House for Sale, NOW! The chart below details the year-over-year inventory shortages experienced over the last 12 months:
Housing Inventory Challenges Causing Home Sales To Slow: New home prices slowed as builders have started to turn their focus toward single family, smaller
Six Tips To Sell Your Home Fast! Money is well spent on these six areas of your home to enhance the appearance and facilitate a quicker sale
How’s The Real Estate Market? Read What The Experts Are Saying: “I am guessing we will see it get even better… If you are considering moving, it could be a
More Families Chose to Own a Home Than Rent in Q1. This marks the first time since 2006 that the number of new homeowner households outpaced the number of
When Is A Good Time To Rent A Home or Apartment? Regardless, we want to make certain that everyone understands that today is NOT a good time to rent.
5 Reasons Why You Should Use a REALTOR When Buying and Selling A Home in your corner haven’t changed, but have rather been strengthened by the projections..