The 2020 Real Estate Market has high Buyer Interest and Low Housing Inventory. With numerous buyers competing for a limited number of homes, it’s more important than ever to know the ins and outs of making a solid, competitive offer.
Here are five keys to success for this important stage in the home buying process.
- Listen to Your Real Estate Agent- Let Locke Associates, Inc. (Your Homebuying Team) guide you on your journey. Our support and expertise will keep you from compromising your must-haves and future financial stability. We can help answer any questions you have when you are ready to make an offer on a property.
- Understand Your Finances- Having a complete understanding of your budget and how much house you can afford is essential. The best way to know this is to reach out to your lender to get pre-approved for a loan early in the home buying process. (If you need a referral to a Lender we’d be happy to assist) By doing this step, you can stand out from the crowd and be better prepared to make a move. It shows sellers you’re a serious, qualified buyer and will allow you to have a competitive edge if you enter a bidding war.
- Be Ready to Move Quickly- The average property in today’s market is receiving more than three offers and is only on the market for a few weeks, sometimes days if it’s a cash sale. As soon as you find that house that fits the bill, work diligently with one of our agents to submit an offer as quickly as possible.
- Make Your Highest and Best Offer- You don’t want to submit an offer that’s too low. It’s only natural to want to get the best deal you can on a home, but submitting an offer that’s too low can lead sellers to doubt how serious you are as a buyer.
- Be Flexible- After you submit your offer, the seller may accept it, reject it or counter. In a competitive market like today’s, its important to stay nimble throughout the negotiation process. Your position can be strengthened with an offer than includes flexible closing dates, a higher price and/or minimal contingencies.
The bottom line is today’s competitive market makes it more important than ever to come in with a strong offer on a property and working with one of our trusted advisors here at Locke Associates, Inc. can help you rise to the top along the way