In the current real estate landscape marked by a shortage of housing inventory and higher interest rates, the bidding wars frenzy has subsided for the most part. However, multiple-offer situations are still happening on updated homes that are priced right in coveted areas because there are more buyers than there are homes available. To enhance your chances of success when making an offer on your dream home, be sure to:
1. Collaborate with a Knowledgeable Real Estate Advisor
Tap a seasoned real estate agent to guide you through the intricacies of the home buying process as well as the nuances of the purchase and sale contract. Armed with local market expertise and a grasp of national trends, your agent can equip you with the information to make informed decisions. A seasoned realtor can help you write a compelling offer that sets you and your offer apart from other prospective buyers. Forbes too recommends establishing a relationship with a local realtor, offering a competitive edge in tight housing markets.
2. Secure a Pre-Qualification for a Home Loan
Knowing your budget is crucial. Partner with a lender to obtain pre-qualification for a home loan before you begin your home search. This not only provides financial clarity but puts you in a position to write an offer immediately when you find THE one. Your seasoned real estate agent can connect you with some trusted mortgage brokers. At Purpose Driven Real Estate Group, we work with some of the best lenders in the business. Several of them will actually provide a pre-APPROVAL (vs a pre-QUALIFICATION) giving them a bigger advantage. In a multiple-offer scenario, the strength of the loan, the agent and the lender can make all the difference.
3. Craft a Fair Offer
When buying a home, the goal is always to get the best deal possible. While striving to get a deal, you want to avoid alienating sellers and having your offer dismissed outright with offensive offers, however. Realtor.com advises against significantly undercutting the listing price, as it might be perceived as insulting. A seasoned real estate agent can provide counsel on a negotiation strategy that gets you in the home you love for a price (and terms) that work for you and yours.
4. Trust Your Agent's Expertise during Negotiations
In real estate, there are many negotiable terms beyond just price. Things like earnest money, due diligence, temporary occupancy, repairs, as examples, all warrant consideration and can set you up for success as a buyer. If this is done incorrectly though, it can also compromise your deal. You want to work with a real estate advisor that is has a proven track record and understands the strategy and psychology behind an effective negotiation.
As you embark on your home buying journey, establish a connection with an experienced real estate professional with the experience and credentials like Amy Pedersen and the Purpose Driven Real Estate Group in the Greater Atlanta area to help you accomplish your goals. Our insights will prove invaluable in helping you present your strongest offer. With these strategies, you can navigate the competitive market confidently and secure your dream home.